Internal Revenue Bulletin 2021-23 (PDF rendition): IRS Revenue Rulings

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Bulletin No. 2021–23
June 7, 2021
HIGHLIGHTS
OF THIS ISSUE
These synopses are intended only as aids to the reader in
identifying the subject matter covered. They may not be
relied upon as authoritative interpretations.
EMPLOYEE PLANS
Notice 2021-33, page 1190.
This notice sets forth updates on the corporate bond monthly
yield curve, the corresponding spot segment rates for May
2021 used under § 417(e)(3)(D), the 24-month average seg-
ment rates applicable for May 2021, and the 30-year Trea-
sury rates, as reflected by the application of § 430(h)(2)(C)
(iv).
EMPLOYEE PLANS, EMPLOYMENT
TAX, EXCISE TAX
Notice 2021-31, page 1173.
This notice provides guidance on issues relating to the ap-
plication of § 9501 of the American Rescue Plan Act of
2021 (the ARP), which provides temporary premium assis-
tance for Consolidated Omnibus Budget Reconciliation Act
of 1985 (COBRA) continuation coverage as well as certain
continuation coverage under State laws if the continuation
coverage is the result of a loss of coverage from a reduc-
tion in hours or involuntary termination of employment. The
ARP also allows certain individuals a second chance to
elect COBRA continuation coverage with the subsidy begin-
ning April 1 and adds § 6432 to the Code, which provides
a refundable payroll tax credit for an amount equal to the
COBRA premium not paid by the individuals who receive the
premium assistance.
INCOME TAX
Notice 2021-34, page 1194.
This notice provides the applicable reference price for qual-
ified natural gas production from qualified marginal wells
during taxable years beginning in calendar year 2020 for the
purpose of determining the marginal well production credit
under §45I. The applicable reference price for taxable years
beginning in calendar year 2020 is $1.94 per 1,000 cubic
feet. The notice also provides the credit amount used for the
purpose of determining the marginal well production credit.
The credit amount for taxable years beginning in calendar
year 2020 is $0.66 per 1,000 cubic feet.
Rev. Rul. 2021-9, page 1171.
Federal rates; adjusted federal rates; adjusted federal long-
term rate, and the long-term tax exempt rate. For purposes
of sections 382, 1274, 1288, 7872 and other sections of
the Code, tables set forth the rates for June 2021.
TAX CONVENTIONS
Announcement 2021-11, page 1196.
The Competent Authorities of the United States of America
and Switzerland entered into a Competent Authority Arrange-
ment under paragraph 3 of Article 25 (Mutual Agreement
Procedure) listing U.S. and Swiss pension and retirement ar-
rangements, which now include individual retirement plans,
that may be eligible for an exemption from withholding on
dividends under paragraph 3 of Article 10 (Dividends) pro-
vided that all other requirements of the Treaty are satisfied.
Finding Lists begin on page ii.

The IRS Mission
Provide America’s taxpayers top-quality service by helping
them understand and meet their tax responsibilities and en-
force the law with integrity and fairness to all.
Introduction
The Internal Revenue Bulletin is the authoritative instrument
of the Commissioner of Internal Revenue for announcing of-
ficial rulings and procedures of the Internal Revenue Service
and for publishing Treasury Decisions, Executive Orders, Tax
Conventions, legislation, court decisions, and other items of
general interest. It is published weekly.
It is the policy of the Service to publish in the Bulletin all sub-
stantive rulings necessary to promote a uniform application
of the tax laws, including all rulings that supersede, revoke,
modify, or amend any of those previously published in the
Bulletin. All published rulings apply retroactively unless other-
wise indicated. Procedures relating solely to matters of inter-
nal management are not published; however, statements of
internal practices and procedures that affect the rights and
duties of taxpayers are published.
Revenue rulings represent the conclusions of the Service
on the application of the law to the pivotal facts stated in
the revenue ruling. In those based on positions taken in rul-
ings to taxpayers or technical advice to Service field offices,
identifying details and information of a confidential nature are
deleted to prevent unwarranted invasions of privacy and to
comply with statutory requirements.
Rulings and procedures reported in the Bulletin do not have the
force and effect of Treasury Department Regulations, but they
may be used as precedents. Unpublished rulings will not be
relied on, used, or cited as precedents by Service personnel in
the disposition of other cases. In applying published rulings and
procedures, the effect of subsequent legislation, regulations,
court decisions, rulings, and procedures must be considered,
and Service personnel and others concerned are cautioned
against reaching the same conclusions in other cases unless
the facts and circumstances are substantially the same.
The Bulletin is divided into four parts as follows:
Part I.—1986 Code.
This part includes rulings and decisions based on provisions
of the Internal Revenue Code of 1986.
Part II.—Treaties and Tax Legislation.
This part is divided into two subparts as follows: Subpart A,
Tax Conventions and Other Related Items, and Subpart B,
Legislation and Related Committee Reports.
Part III.—Administrative, Procedural, and Miscellaneous.
To the extent practicable, pertinent cross references to these
subjects are contained in the other Parts and Subparts. Also
included in this part are Bank Secrecy Act Administrative
Rulings. Bank Secrecy Act Administrative Rulings are issued
by the Department of the Treasury’s Office of the Assistant
Secretary (Enforcement).
Part IV.—Items of General Interest.
This part includes notices of proposed rulemakings, disbar-
ment and suspension lists, and announcements.
The last Bulletin for each month includes a cumulative index
for the matters published during the preceding months. These
monthly indexes are cumulated on a semiannual basis, and are
published in the last Bulletin of each semiannual period.
The contents of this publication are not copyrighted and may be reprinted freely. A citation of the Internal Revenue Bulletin as the source would be appropriate.
June 7, 2021 Bulletin No. 2021–23

Part I
Section 1274.—
Determination of Issue
Price in the Case of Certain
Debt Instruments Issued for
Property
(Also Sections 42, 280G, 382, 467, 468, 482, 483,
1288, 7520, 7872.)
Rev. Rul. 2021-9
This revenue ruling provides vari-
ous prescribed rates for federal income
tax purposes for June 2021 (the current
month). Table 1 contains the short-
term, mid-term, and long-term applica-
ble federal rates (AFR) for the current
month for purposes of section 1274(d)
of the Internal Revenue Code. Table 2
contains the short-term, mid-term, and
long-term adjusted applicable federal
rates (adjusted AFR) for the current
month for purposes of section 1288(b).
Table 3 sets forth the adjusted feder-
al long-term rate and the long-term
tax-exempt rate described in section
382(f). Table 4 contains the appropri-
ate percentages for determining the
low-income housing credit described in
section 42(b)(1) for buildings placed in
service during the current month. How-
ever, under section 42(b)(2), the appli-
cable percentage for non-federally sub-
sidized new buildings placed in service
after July 30, 2008, shall not be less
than 9%. Finally, Table 5 contains the
federal rate for determining the present
value of an annuity, an interest for life
or for a term of years, or a remainder or
a reversionary interest for purposes of
section 7520.
REV. RUL. 2021-9 TABLE 1
Applicable Federal Rates (AFR) for June 2021
Period for Compounding
AnnualSemiannualQuarterlyMonthly
Short-term
AFR0.13%0.13%0.13%0.13%
110% AFR0.14%0.14%0.14%0.14%
120% AFR0.16%0.16%0.16%0.16%
130% AFR0.17%0.17%0.17%0.17%
Mid-term
AFR1.02%1.02%1.02%1.02%
110% AFR1.12%1.12%1.12%1.12%
120% AFR1.22%1.22%1.22%1.22%
130% AFR1.33%1.33%1.33%1.33%
150% AFR1.54%1.53%1.53%1.53%
175% AFR1.80%1.79%1.79%1.78%
Long-term
AFR2.08%2.07%2.06%2.06%
110% AFR2.29%2.28%2.27%2.27%
120% AFR2.50%2.48%2.47%2.47%
130% AFR2.71%2.69%2.68%2.68%
REV. RUL. 2021-9 TABLE 2
Adjusted AFR for June 2021
Period for Compounding
AnnualSemiannualQuarterlyMonthly
Short-term adjusted AFR0.10%0.10%0.10%0.10%
Mid-term adjusted AFR0.77%0.77%0.77%0.77%
Long-term adjusted AFR1.58%1.57%1.57%1.56%
Bulletin No. 2021–23 1171 June 7, 2021

REV. RUL. 2021-9 TABLE 3
Rates Under Section 382 for June 2021
Adjusted federal long-term rate for the current month1.58%
Long-term tax-exempt rate for ownership changes during the current month (the highest of
the adjusted federal long-term rates for the current month and the prior two months.)
1.64%
REV. RUL. 2021-9 TABLE 4
Appropriate Percentages Under Section 42(b)(1) for June 2021
Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized new buildings placed in service after July
30, 2008, shall not be less than 9%.
Appropriate percentage for the 70% present value low-income housing credit7.35%
Appropriate percentage for the 30% present value low-income housing credit 3.15%
REV. RUL. 2021-9 TABLE 5
Rate Under Section 7520 for June 2021
Applicable federal rate for determining the present value of an annuity, an interest for life or a
term of years, or a remainder or reversionary interest
1.2%
Section 42.—Low-Income
Housing Credit
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
June 2021. See Rev. Rul. 2021-9, page 1171.
Section 280G.—Golden
Parachute Payments
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
June 2021. See Rev. Rul. 2021-9, page 1171.
Section 382.—Limitation
on Net Operating Loss
Carryforwards and
Certain Built-In Losses
Following Ownership
Change
The adjusted applicable federal long-term rate
is set forth for the month of June 2021. See Rev.
Rul. 2021-9, page 1171.
Section 467.—Certain
Payments for the Use of
Property or Services
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
June 2021. See Rev. Rul. 2021-9, page 1171.
Section 468.—Special
Rules for Mining and Solid
Waste Reclamation and
Closing Costs
The applicable federal short-term rates are set
forth for the month of June 2021. See Rev. Rul.
2021-9, page 1171.
Section 482.—Allocation
of Income and Deductions
Among Taxpayers
The applicable federal short-term rates are set
forth for the month of June 2021. See Rev. Rul.
2021-9, page 1171.

Section 483.—Interest on
Certain Deferred Payments
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
June 2021. See Rev. Rul. 2021-9, page 1171.
Section 1288.—Treatment
of Original Issue Discount
on Tax-Exempt Obligations
The adjusted applicable federal short-term, mid-
term, and long-term rates are set forth for the month of
June 2021. See Rev. Rul. 2021-9, page 1171.
Section 7520.—Valuation
Tables
The applicable federal mid-term rates are set
forth for the month of June 2021. See Rev. Rul.
2021-9, page 1171.
Section 7872.—Treatment
of Loans With Below-
Market Interest Rates
The applicable federal short-term, mid-term,
and long-term rates are set forth for the month of
June 2021. See Rev. Rul. 2021-9, page 1171.

June 7, 2021 1172 Bulletin No. 2021–23

Bulletin No. 2021–23 1173 June 7, 2021
Part III
Premium Assistance for
COBRA Benefits
Notice 2021-31
This notice provides guidance on the
application of § 9501 of the American
Rescue Plan Act of 2021 (the ARP), Pub.
L. 117-2, 135 Stat. 4 (March 11, 2021),
relating to temporary premium assistance
for Consolidated Omnibus Budget Recon-
ciliation Act of 1985 (COBRA) continua-
tion coverage.
1
BACKGROUND
Section 9501 of the ARP – COBRA
Premium Assistance
Section 9501 of the ARP provides for
a temporary 100 percent reduction in the
premium otherwise payable by certain in-
dividuals and their families who elect CO-
BRA continuation coverage through the
Internal Revenue Code (Code), the Em-
ployee Retirement Income Security Act of
1974 (ERISA), or the Public Health Ser-
vice Act (PHS Act) due to a loss of cov-
erage as the result of a reduction in hours
or an involuntary termination of employ-
ment.
2
The temporary premium assistance
is also available to individuals enrolled in
continuation health coverage under State
programs that provide for coverage com-
parable to COBRA continuation cover-
age, often referred to as “mini-COBRA.”
In this notice, continuation of health cov-
erage under all of these provisions is re-
ferred to as “COBRA continuation cover-
age,” unless otherwise specified. Also, in
this notice, the temporary premium assis-
tance available under the ARP is referred
to as “COBRA premium assistance” or
“premium assistance,” unless otherwise
specified.
Under § 9501(a)(3) of the ARP, an “As-
sistance Eligible Individual” is an individ-
ual (1) who is a qualified beneficiary with
respect to a period of COBRA continua-
tion coverage during the period from April
1, 2021, through September 30, 2021, and
eligible for that COBRA continuation cov-
erage by reason of a qualifying event spec-
ified in § 603(2) of ERISA, § 4980B(f)
(3)(B) of the Code, or § 2203(2) of PHS
Act, except for voluntary termination of
employment, and (2) who elects COBRA
continuation coverage. The ARP requires
that health insurance issuers and group
health plans treat Assistance Eligible Indi-
viduals as having paid the full amount of
their COBRA premium for the specified
coverage. The person to whom premiums
for COBRA continuation coverage are
payable (the employer, insurer, or multi-
employer plan, as applicable) is entitled to
a refundable tax credit against its share of
Medicare taxes under newly added § 6432
of the Code.
3
COBRA premium assistance is avail-
able as of the first period of coverage be-
ginning on or after April 1, 2021, and will
not be available for periods of coverage
beginning after September 30, 2021. For
each Assistance Eligible Individual, CO-
BRA premium assistance does not extend
beyond the period of COBRA continuation
coverage in the event that the period ends
prior to September 30, 2021. However,
premium assistance is not available if an
individual is eligible for coverage under
any other group health plan
4
or for Medi-
care. If an individual receiving premium
assistance becomes eligible for coverage
under any other group health plan or for
Medicare, the premium assistance period
ends. An individual receiving premium
assistance who becomes eligible for cov-
erage under any other group health plan or
Medicare is required to notify the group
health plan providing COBRA continua-
tion coverage of eligibility for that other
coverage. If the individual fails to notify
the group health plan, the individual may
be subject to a penalty of $250 for each
failure. If the individual fraudulently fails
to notify the group health plan, the indi-
vidual is subject to a penalty equal to the
greater of $250 or 110 percent of the pre-
mium assistance improperly received after
the end of eligibility for COBRA premium
assistance.
Under § 9501(a)(1)(B) of the ARP, an
employer may allow an Assistance Eligi-
ble Individual to elect coverage different
from the coverage under the plan in which
the individual was enrolled before the re-
duction in hours or involuntary termina-
tion of employment, and COBRA premi-
um assistance will apply with respect to
that newly elected coverage.
5
The premi-
um for the different coverage option that
is offered may not exceed the premium for
the coverage the individual had before the
reduction in hours or involuntary termina-
tion of employment. In addition, the other
coverage offered under this option must be
coverage offered to similarly situated ac-
tive employees and may not be coverage
that provides only excepted benefits (as
defined in § 9832(c) of the Code, § 733(c)
of ERISA, and § 2971(c) of PHS Act), a
1
Employer-sponsored health plans generally are required to offer an employee, spouse, or dependent child covered by the plan the opportunity to continue coverage under the plan for a
specified period of time after the occurrence of certain events that otherwise would have terminated the coverage (qualifying events). These continuation of coverage requirements, and
corresponding coverage (if elected), are often referred to as “COBRA continuation coverage” or “COBRA” requirements. The COBRA requirements were enacted originally as part of the
Consolidated Omnibus Budget Reconciliation Act of 1985, Pub. L. 99-272 (April 7, 1986), and are set forth in § 4980B of the Internal Revenue Code.
2
COBRA continuation coverage under the Code, ERISA, and the PHS Act is also referred to in this notice as “Federal COBRA.”
3
Section 6432 was first added to the Code by the American Recovery and Reinvestment Act of 2009, Pub. L. 111-5 (Feb. 17, 2009). It was later stricken by the Tax Technical Corrections Act
of 2018, Pub. L. 115-141 (March 23, 2018). The ARP restores § 6432 to the Code with certain modifications.
4
Eligibility for coverage under any other group health plan does not terminate eligibility for COBRA premium assistance if the other group health plan provides only excepted benefits (as
defined in § 9832(c) of the Code, § 733(c) of ERISA, and § 2971(c) of the PHS Act), is a health flexible spending arrangement (FSA) (as defined by § 106(c)(2) of the Code), or is a quali-
fied small employer health reimbursement arrangement (as defined in § 9831(d)(2) of the Code) (QSEHRA). Whenever reference is made in this notice to the end of eligibility for COBRA
premium assistance due to eligibility for coverage under any other group health plan, coverage under these plans or arrangements is not taken into account. Additionally, eligibility for other
group health plan coverage (that is not an excepted benefit, a health FSA, or a QSEHRA) makes an individual ineligible for COBRA premium assistance even if the offer of other coverage
does not provide minimum value or is not affordable for purposes of the premium tax credit under § 36B.
5
Note that this provision does not modify the general requirement under Federal COBRA that a group health plan must allow a qualified beneficiary to elect to continue the coverage in which
the individual was enrolled as of the qualifying event.

June 7, 2021 1174 Bulletin No. 2021–23
health FSA (as defined by § 106(c)(2) of
the Code), or a QSEHRA (as defined in
§ 9831(d)(2) of the Code). If offered the
option to enroll in different coverage, the
Assistance Eligible Individual has 90 days
after the date of the notice of the option
to elect other coverage to elect the other
coverage.
Section 9501(a)(4) of the ARP pro-
vides an extended election period for cer-
tain individuals who did not have an elec-
tion of COBRA continuation coverage in
effect on April 1, 2021, referred to in this
notice as the “ARP extended election peri-
od.” The ARP extended election period is
available for an individual who would be
an Assistance Eligible Individual if the in-
dividual had a COBRA continuation cov-
erage election in effect on April 1, 2021,
or an individual who previously elected
COBRA continuation coverage and dis-
continued that coverage before April 1,
2021. The ARP extended election period
continues for 60 days after these individ-
uals are provided notice of the extended
election period. The resulting COBRA
continuation coverage does not extend
beyond the maximum period of COBRA
continuation coverage that would have
been required under the applicable CO-
BRA continuation coverage provision if
the individual had elected COBRA contin-
uation coverage initially as required under
that applicable COBRA provision, or had
not discontinued the elected COBRA con-
tinuation coverage.
The plan must treat an Assistance El-
igible Individual as having paid the full
premium. If the plan does not treat the
Assistance Eligible Individual as having
paid the full premium, the plan will have
failed to meet the applicable continuation
coverage requirements. Thus, in the case
of a plan subject to COBRA continuation
coverage requirements under § 4980B, the
failure to treat the Assistance Eligible In-
dividual as having made the full payment
is a failure to satisfy the requirements of
§ 4980B and may result in the imposition
of the excise tax under § 4980B(b).
Section 6432 of the Code – COBRA
Premium Assistance Credit
The ARP adds § 6432 to the Code,
which provides that the “person to whom
premiums are payable for continuation
coverage” is allowed a “premium assis-
tance credit” for each calendar quarter
against the tax imposed by § 3111(b),
or against so much of the taxes imposed
under § 3221(a) as are attributable to
the rate in effect under § 3111(b), of an
amount equal to the premiums not paid by
Assistance Eligible Individuals for CO-
BRA continuation coverage by reason of
§ 9501(a)(1) of the ARP with respect to
that calendar quarter. If, for the calendar
quarter for which the credit is allowed,
the amount of the credit allowed is in
excess of the tax imposed by § 3111(b),
or so much of the taxes imposed under
§ 3221(a) as are attributable to the rate in
effect under § 3111(b), after reduction for
any credits allowed under §§ 3131, 3132,
and 3134, the excess is treated as an over-
payment that is refunded under §§ 6402(a)
and 6413(b).
The “person to whom premiums are
payable” is (1) the multiemployer plan, in
the case of a group health plan that is a
multiemployer plan (as defined in § 3(37)
of ERISA); (2) the employer, in the case
of a group health plan, other than a mul-
tiemployer plan, that is (a) subject to Fed-
eral COBRA, or (b) under which some
or all of the coverage is not provided by
insurance (that is, a plan that is self-fund-
ed, in whole or in part); or (3) the insurer
providing the coverage, in the case of any
other group health plan not described in
(1) or (2) (generally, fully insured cover-
age subject to State continuation coverage
requirements, not Federal COBRA). In
this notice, the “person to whom premi-
ums are payable” is sometimes referred to
as the “premium payee.”
Section 6432(c)(2)(C) provides that
any penalty under § 6656 for any failure
to make a deposit of the tax imposed by
§ 3111(b), or so much of the taxes imposed
under § 3221(a) as are attributable to the
rate in effect under § 3111(b), is waived if
the Secretary of the Treasury determines
that the failure was due to anticipation of
the premium assistance credit. Also, No-
tice 2021-24, 2021-18 IRB 1122, provides
that the penalty under § 6656 does not ap-
ply for any failure to timely deposit em-
ployment taxes (withheld income taxes,
taxes under the Federal Insurance Contri-
butions Act (FICA), and taxes under the
Railroad Retirement Tax Act (RRTA)) if
(1) the employer is a person to whom pre-
miums are payable, (2) the amount of em-
ployment taxes that the employer does not
timely deposit (after reduction for other
credits) is less than or equal to the amount
of the employer’s anticipated credits un-
der § 6432(a) for the calendar quarter as
of the time of the required deposit, and (3)
the employer did not seek payment of an
advance credit by filing Form 7200 with
respect to the anticipated credits it re-
lied upon to reduce its deposits. Section
6432(f) extends the statute of limitations
for the assessment of any amount attribut-
able to the credit to 5 years after the later
of (1) the date on which the original return
which includes the calendar quarter with
respect to which the credit is determined
is filed, or (2) the date on which that re-
turn is treated as filed under § 6501(b)
(2). Finally, § 6432(g) provides that the
Secretary shall issue such regulations, or
other guidance, forms, instructions, and
publications, as may be necessary or ap-
propriate to carry out § 6432, including
“allowing the credit to third-party payers
(including professional employer organi-
zations, certified professional employer
organizations, or agents under § 3504).”
Under § 6432(e), the gross income of
any person allowed the premium assis-
tance credit is increased, for the taxable
year which includes the last day of any
calendar quarter with respect to which the
credit is allowed, by the amount of the
credit. In addition, no credit is allowed
with respect to any amount which is tak-
en into account as qualified wages under
§ 2301 of the Coronavirus Aid, Relief,
and Economic Security Act (CARES Act),
Pub. L. 116-136, 134 Stat. 281 (March
27, 2020), as amended by the Taxpayer
Certainty and Disaster Tax Relief Act of
2020 (Relief Act), which was enacted as
Division EE of the Consolidated Appro-
priations Act, 2021, Pub. L. 116-260, 134
Stat. 1182 (December 27, 2020), § 3134 of
the Code, or as qualified health plan ex-
penses under §§ 7001(d) or 7003(d) of the
Families First Coronavirus Response Act
(FFCRA), Pub. L. 116-127, 134 Stat. 178
(March 18, 2020), as amended by § 286
of the Relief Act, or §§ 3131 or 3132 of
the Code.
Finally, the amount of any COBRA
premium assistance is excluded from
an individual’s gross income under new
§ 139I of the Code.

Bulletin No. 2021–23 1175 June 7, 2021
Emergency Relief Notices
In response to the COVID-19 Nation-
al Emergency,
6
the Departments of Labor
and the Treasury (the Departments) issued
the Extension of Certain Timeframes for
Employee Benefit Plans, Participants, and
Beneficiaries Affected by the COVID-19
Outbreak (Joint Notice) (85 FR 26351,
published May 4, 2020), which provides
extensions of certain timeframes for group
health plans and their participants and
beneficiaries. The Joint Notice provides
that plans must disregard certain periods
beginning March 1, 2020 until 60 days
after the announced end of the National
Emergency or such other date announced
by the Departments (Outbreak Period) in
determining the time by which certain ac-
tions must be taken or are permitted to be
completed.
Section 7508A(b) of the Code and
§ 518 of ERISA limit the Departments’
authority to disregard time periods to one
year. As the one-year anniversary of the
Joint Notice approached, the Department
of Labor, with the concurrence of the
Treasury Department, issued EBSA Di-
saster Relief Notice 2021-01 (February
26, 2021). EBSA Disaster Relief Notice
2021-01 clarifies that disregarded peri-
ods under the Joint Notice run until the
earlier of (1) one year from the date the
applicable person was first eligible for
relief, or (2) 60 days after the announced
end of the National Emergency. The Joint
Notice and EBSA Disaster Relief Notice
2021-01 are referred to collectively in
this notice as the “Emergency Relief No-
tices.”
The periods and dates subject to the
Emergency Relief Notices include, among
others: (1) the 60-day election period for
COBRA continuation coverage under
§ 4980B(f)(5); (2) the date for making
COBRA premium payments pursuant to
§ 4980B(f)(2)(B)(iii) and (C); and (3) the
date for plans to provide a COBRA elec-
tion notice under § 4980B(f)(6)(D).
QUESTIONS AND ANSWERS
The following questions and answers
address many issues that have arisen
with respect to COBRA premium assis-
tance available for COBRA continuation
coverage under the ARP. Generally, the
questions and answers apply for purpos-
es of all COBRA continuation coverage
requirements under the ARP, that is, both
Federal COBRA and comparable State
mini-COBRA requirements. If a ques-
tion or answer or a particular part of an
answer is applicable only to Federal CO-
BRA, that discussion refers specifically
to Federal COBRA. COBRA premium
assistance requirements apply to the em-
ployer or plan sponsor, group health plan,
or issuer, depending on the facts and cir-
cumstances. For simplicity, in this notice,
references in the questions and answers to
an “employer” are considered references
to the employer, plan, plan sponsor, group
health plan, or issuer, as applicable to a
particular situation, whereas references to
“common law employer” are references to
the entity that is the employer under the
common law of the Assistance Eligible In-
dividual receiving the COBRA premium
assistance.
ELIGIBILITY FOR COBRA
PREMIUM ASSISTANCE
Q-1. Who qualifies as an Assistance El-
igible Individual?
A-1. An Assistance Eligible Individu-
al is any individual who is (1) a qualified
beneficiary as the result of (A) the reduc-
tion of hours of a covered employee’s
employment or (B) the involuntary termi-
nation of a covered employee’s employ-
ment (other than by reason of an employ-
ee’s gross misconduct), (2) is eligible for
COBRA continuation coverage for some
or all of the period beginning on April 1,
2021, through September 30, 2021, and
(3) elects the COBRA continuation cover-
age. This includes qualified beneficiaries
who are the spouse or dependent child of
the employee who had the reduction in
hours or involuntary termination of em-
ployment resulting in a loss of coverage,
as well as the employee, if that reduction
in hours or involuntary termination of em-
ployment caused the qualified beneficiary
to lose coverage and the other require-
ments are satisfied.
Q-2. Who qualifies as a qualified bene-
ficiary for purposes of becoming an Assis-
tance Eligible Individual?
A-2. In order to be a qualified beneficia-
ry who is eligible to become an Assistance
Eligible Individual, an individual must (1)
be covered under the group health plan
on the day before the reduction in hours
or involuntary termination of the covered
employee’s employment, and (2) lose eli-
gibility for the coverage due to the reduc-
tion in hours or involuntary termination of
the covered employee’s employment.
7
An
individual who loses group health cover-
age in connection with the termination of
a covered employee’s employment by rea-
son of the employee’s gross misconduct is
not a qualified beneficiary and, thus, can-
not be an Assistance Eligible Individual.
Q-3. Can an individual become an
Assistance Eligible Individual more than
once?
A-3. Yes. An individual who becomes
a qualified beneficiary as the result of a
reduction in hours or involuntary termi-
nation of employment, and who otherwise
meets the requirements to be an Assis-
tance Eligible Individual, is treated as an
Assistance Eligible Individual regardless
of whether the individual was also treated
as an Assistance Eligible Individual at an
earlier date.
Example: On April 1, 2021, the individual’s
employment is terminated, and the individual be-
comes a qualified beneficiary. The individual elects
COBRA continuation coverage and becomes an
Assistance Eligible Individual with COBRA con-
tinuation coverage beginning on April 1, the date
the individual lost coverage. On July 1, 2021, the
individual becomes eligible for coverage under a
group health plan sponsored by the employer of the
individual’s spouse and ceases to be an Assistance
6
On March 13, 2020, the President issued the Proclamation on Declaring a National Emergency Concerning the Novel Coronavirus Disease (COVID-19) Outbreak declaring a national emer-
gency, beginning March 1, 2020, under §§ 201 and 301 of the National Emergencies Act (50 U.S.C. 1601 et seq.). By separate letter, also on March 13, 2020, the President declared under
§ 501(b) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C. § 5121 et seq., that an emergency existed nationwide, as the result of the COVID-19 outbreak (the
COVID-19 National Emergency or National Emergency). See 85 FR 26351, 26352 (May 4, 2020).
7
There are exceptions to this rule in the case of a child born to or adopted by a covered employee during a period of COBRA continuation coverage or in certain circumstances where coverage
was wrongfully denied to the individual (see § 54.4980B-3, Q&A-1).

June 7, 2021 1176 Bulletin No. 2021–23
Eligible Individual. The individual ceases COBRA
continuation coverage as of July 1, 2021, and enrolls
in coverage in the group health plan sponsored by
the employer of the individual’s spouse. On August
1, 2021, the individual’s spouse has an involuntary
termination of employment and as a result the indi-
vidual and spouse lose coverage. The individual and
spouse become qualified beneficiaries due to the loss
of coverage and elect COBRA continuation coverage
with the plan sponsored by the spouse’s employer.
The individual and spouse become Assistance Eligi-
ble Individuals with respect to COBRA continuation
coverage as of August 1, 2021.
Q-4. May the employer require indi-
viduals to self-certify or attest that they
are eligible for COBRA continuation cov-
erage with COBRA premium assistance
due to a reduction in hours or involuntary
termination of employment and, if so,
may the self-certification or attestation be
used to assist the employer in substantiat-
ing its entitlement to the premium assis-
tance credit?
A-4. Yes. Employers may require in-
dividuals to provide a self-certification
or attestation regarding their eligibility
status with respect to a reduction in hours
or involuntary termination of employ-
ment, which may assist the employer in
substantiating its entitlement to the cred-
it. Employers are not required to obtain
a self-certification or attestation; howev-
er, employers who claim the credit must
retain in their records either a self-certi-
fication or attestation from the individual
regarding the individual’s eligibility sta-
tus, or other documentation to substanti-
ate that the individual was eligible for the
COBRA premium assistance (see Q&A-7;
see also Q&A-84).
Q-5. May the employer require indi-
viduals to self-certify or attest as to their
eligibility status regarding other disquali-
fying group health plan coverage or Medi-
care, and if so, may the self-certification
or attestation be used to assist the employ-
er in substantiating its entitlement to the
premium assistance credit?
A-5. Yes. Employers may require in-
dividuals to provide a self-certification or
attestation as to their eligibility status for
other disqualifying group health plan cov-
erage or Medicare, which may assist the
employer in substantiating its entitlement
to the premium assistance credit. Employ-
ers are not required to obtain a self-certi-
fication or attestation; however, employ-
ers who claim the credit must retain in
their records either a self-certification or
attestation from the individual regarding
the individual’s eligibility status, or oth-
er documentation to substantiate that the
individual was eligible for the COBRA
premium assistance (see Q&A-7; see also
Q&A-84).
Q-6. May an employer rely on an indi-
vidual’s attestation regarding a reduction
in hours or involuntary termination of em-
ployment, or regarding eligibility for oth-
er disqualifying coverage, for the purpose
of substantiating eligibility for the premi-
um assistance credit?
A-6. Yes. An employer may rely on an
individual’s attestation regarding a reduc-
tion in hours or involuntary termination
of employment, and eligibility for other
disqualifying coverage, for the purpose
of substantiating eligibility for the credit,
unless the employer has actual knowledge
that the individual’s attestation is incor-
rect.
Q-7. Must an employer keep a record
of an individual’s attestation?
A-7. Yes. If the employer is relying
on an individual’s attestation regarding a
reduction in hours or involuntary termi-
nation of employment, or regarding eli-
gibility for other disqualifying coverage,
the employer must keep a record of the
attestation in order to substantiate eligi-
bility for the premium assistance credit.
An employer may rely on other evidence
to substantiate eligibility, such as records
concerning a reduction in hours or invol-
untary termination of employment.
Q-8. Does a qualifying event other than
a reduction in hours or an involuntary ter-
mination of employment qualify an indi-
vidual for COBRA premium assistance?
A-8. No. Qualifying events other than
a reduction in hours or an involuntary ter-
mination of employment, such as divorce
or a covered dependent child ceasing to
be a dependent child under the generally
applicable terms of the plan (such as loss
of dependent status due to aging out of el-
igibility), are not events qualifying an in-
dividual for COBRA premium assistance.
Q-9. If a potential Assistance Eligible
Individual was eligible for other group
health plan coverage before April 1,
2021, but on and after April 1, 2021, has
not been permitted to enroll in that other
group health plan coverage, is COBRA
premium assistance available for the indi-
vidual’s COBRA continuation coverage?
A-9. Yes. COBRA premium assistance
is available to a potential Assistance El-
igible Individual until the individual is
permitted to enroll in coverage under any
other group health plan (including during
a waiting period for any other plan).
Example 1: An individual’s employment was in-
voluntarily terminated and as a result the individual
lost health coverage on October 1, 2020. On Novem-
ber 1, 2020, the individual was eligible to enroll in
the group health plan provided by the employer of
the individual’s spouse as part of that group health
plan’s annual open enrollment period, but the indi-
vidual did not enroll. The open enrollment period for
the spouse’s group health plan ended December 1,
2020, and the individual has not been permitted to
enroll in coverage under the spouse’s group health
plan at any time on or after April 1, 2021. Under
these facts, the individual is not considered eligible
for coverage under the plan of the spouse’s employ-
er until the first available enrollment period, if any,
that begins on or after April 1, 2021. Therefore, the
individual may elect COBRA continuation coverage
under the plan of the individual’s former employer
during the ARP extended election period and may re-
ceive COBRA premium assistance as an Assistance
Eligible Individual under the plan of the individu-
al’s former employer, beginning on or after April 1,
2021.
Example 2: Same facts as Example 1, except that
the spouse’s group health plan has an open enroll-
ment period from June 1, 2021, to June 14, 2021,
with coverage elected during the open enrollment
period beginning July 1, 2021. The spouse does not
elect coverage for the individual under the plan of
the spouse’s employer, and the individual continues
COBRA continuation coverage under the plan of
the individual’s former employer. Under these facts,
COBRA premium assistance is not available for the
individual’s COBRA continuation coverage under
the plan of the individual’s former employer for pe-
riods of coverage beginning on or after July 1, 2021
(the date on which the individual was first eligible to
enroll in the group health plan of the spouse’s em-
ployer).
Example 3: An individual’s employment was in-
voluntarily terminated and as a result the individual
lost health coverage on October 1, 2020. The indi-
vidual received a COBRA notice on October 1, 2020.
The individual qualified for a special enrollment
period for loss of coverage under the group health
plan of the spouse’s employer. Under the Emergen-
cy Relief Notices, the individual remains eligible to
elect COBRA continuation coverage or enroll in the
spouse’s plan. Additionally, on November 1, 2020,
the individual was eligible to enroll in the spouse’s
plan under that plan’s annual open enrollment pe-
riod. The open enrollment period for the spouse’s
plan ended December 1, 2020. However, the indi-
vidual remains eligible to enroll in coverage under
the spouse’s plan under the loss of coverage special
enrollment period due to the Emergency Relief No-
tices. Under these facts, the individual is considered
eligible for coverage under the plan of the spouse’s
employer due to the special enrollment period for
loss of coverage as extended by the Emergency Re-
lief Notices. Therefore, while the individual could

Bulletin No. 2021–23 1177 June 7, 2021
elect COBRA continuation coverage from the former
employer’s plan, the individual may not receive CO-
BRA premium assistance as an Assistance Eligible
Individual under the plan of the individual’s former
employer.
Q-10. If a potential Assistance Eligible
Individual does not elect COBRA contin-
uation coverage and enrolls in coverage
under another group health plan, but has
ceased to be covered by the other group
health plan as of April 1, 2021, is COBRA
premium assistance available if the indi-
vidual elects COBRA continuation cov-
erage under the ARP extended election
period?
A-10. Yes. Enrollment in other group
health plan coverage before electing CO-
BRA continuation coverage does not end
the period of eligibility for COBRA con-
tinuation coverage. If the individual is no
longer covered by (or eligible to enroll in)
the other group health plan coverage as
of April 1, 2021, that prior coverage by a
group health plan does not disqualify the
individual from COBRA premium assis-
tance. However, beginning on April 1,
2021, coverage by (or eligibility to enroll
in) another group health plan would dis-
qualify the individual from COBRA pre-
mium assistance, even though it does not
end the period of eligibility for COBRA
continuation coverage.
Q-11. If an Assistance Eligible Indi-
vidual is eligible for other disqualifying
group health plan coverage or Medicare
beginning on or after April 1, 2021, but
does not enroll in either, is COBRA pre-
mium assistance available for the individ-
ual’s COBRA continuation coverage for
periods of coverage beginning on or after
the date the individual is first eligible for
the other coverage?
A-11. No. (However, if the other cov-
erage for which the individual is eligible
is COBRA continuation coverage, that
coverage will not cause the individual to
be ineligible for the COBRA premium as-
sistance.)
Example 1: An Assistance Eligible Individual
enrolled in COBRA continuation coverage begins
employment with a new employer and is eligible
to enroll in the employer’s group health plan, with
coverage effective the first day of the next month.
The Assistance Eligible Individual declines the cov-
erage and continues COBRA continuation coverage.
Although eligibility for other group health coverage
does not end the individual’s eligibility for Federal
COBRA continuation coverage, eligibility for CO-
BRA premium assistance ends as of the first day of
the next month.
Example 2: Same facts as Example 1, except
that the new employer’s group health plan imposes
a 2-month waiting period, with coverage starting as
of the first day of the month immediately following
the end of the waiting period. The individual’s eli-
gibility for COBRA premium assistance ends as of
the first day of the month immediately following the
end of the waiting period, even though the individual
declined coverage under the new employer’s group
health plan. The result is the same if the individual
enrolls in the new employer’s group health plan; the
individual is not eligible for COBRA premium as-
sistance as of the first day of the month immediately
following the end of the waiting period.
Example 3: Two Assistance Eligible Individuals
who are spouses are enrolled in COBRA continua-
tion coverage. One spouse begins employment with
a new employer and is eligible to enroll in the em-
ployer’s group health plan with self-only or family
coverage, with coverage effective the first day of the
next month. That spouse enrolls in self-only cover-
age, and the other spouse continues COBRA contin-
uation coverage. Although the individual is allowed
to continue Federal COBRA continuation coverage,
the individual is no longer eligible for COBRA pre-
mium assistance as of the first day of the next month
because the individual is eligible for coverage under
the group health plan of the spouse’s employer.
Q-12. Is an individual currently en-
rolled in Medicare who is a qualified
beneficiary as the result of a reduction in
hours or involuntary termination of em-
ployment able to elect COBRA continua-
tion coverage and receive COBRA premi-
um assistance?
A-12. No. An individual currently en-
rolled in Medicare who becomes a quali-
fied beneficiary as the result of a reduction
in hours or involuntary termination of em-
ployment may be eligible to elect COBRA
continuation coverage but is not eligible
for COBRA premium assistance.
Q-13. Is an individual who is a qual-
ified beneficiary as the result of a reduc-
tion in hours or involuntary termination of
employment but who is currently enrolled
in individual health insurance coverage
through a Health Insurance Exchange el-
igible to elect COBRA continuation cov-
erage and receive COBRA premium assis-
tance?
A-13. Yes. An individual who is a qual-
ified beneficiary as the result of a reduc-
tion in hours or involuntary termination of
employment but who is currently enrolled
in individual health insurance coverage
through a Health Insurance Exchange may
be eligible to elect COBRA continuation
coverage and for COBRA premium assis-
tance. However, an individual is not eli-
gible for a premium tax credit to help pay
for the cost of Exchange coverage during
any month that the individual is enrolled
in COBRA continuation coverage. An in-
dividual who elects COBRA continuation
coverage (with or without COBRA pre-
mium assistance) and who is enrolled in
coverage through a Health Insurance Ex-
change with advance payments of the pre-
mium tax credit (APTC) may be required
to repay the APTC for the overlap months.
See Q&A-44 for information regarding
the waiver of COBRA continuation cov-
erage, which may assist individuals in this
situation.
Q-14. Does a reduction in hours or in-
voluntary termination of employment that
follows an earlier qualifying event, such
as a divorce, make the qualified beneficia-
ry from the first qualifying event a poten-
tial Assistance Eligible Individual?
A-14. No. If COBRA continuation
coverage is based on a qualifying event
other than a reduction in hours or involun-
tary termination of employment, the later
reduction in hours or involuntary termina-
tion of employment of the employee does
not cause a loss of coverage, and the quali-
fied beneficiary therefore does not become
a potential Assistance Eligible Individual.
Example: An employee is divorced and the di-
vorce results in a loss of health coverage for the
spouse of the employee (but not the employee) on
November 1, 2020. The spouse is eligible for and
timely elects COBRA continuation coverage. On
December 1, 2020, the employee’s employment is
involuntarily terminated and, as a result, the em-
ployee loses health coverage. The employee elects
COBRA continuation coverage that begins Decem-
ber 1, 2020. The spouse is not an Assistance Eligible
Individual because the qualifying event with respect
to the spouse’s COBRA continuation coverage is
the divorce, rather than the employee’s involuntary
termination of employment. Moreover, the employ-
ee’s involuntary termination of employment is not a
qualifying event for the spouse. The employee is an
Assistance Eligible Individual, however, because the
qualifying event with respect to the employee is the
involuntary termination of employment.
Q-15. If, as the result of an involuntary
termination of employment, an individual
loses coverage under a health plan that is
not subject to COBRA continuation cov-
erage requirements (as defined under the
ARP) and the individual is then offered
and elects continuation coverage provided
voluntarily by the employer, is COBRA
premium assistance available with respect
to that continuation coverage?
A-15. No. In order for COBRA pre-
mium assistance and the related premi-
um assistance credit to be available, the

June 7, 2021 1178 Bulletin No. 2021–23
plan must be subject to COBRA contin-
uation coverage requirements as defined
under the ARP. Examples of health plans
that may not be subject to either Federal
COBRA or State mini-COBRA include
a self-insured church plan or a small em-
ployer plan. (Treas. Reg. § 54.4980B-2,
Q&A-5 provides that a small-employer
plan excluded from Federal COBRA is a
group health plan maintained by an em-
ployer that normally employed fewer than
20 employees during the preceding calen-
dar year.)
Q-16. Is COBRA premium assistance
available with respect to temporary con-
tinuation coverage elected under the Fed-
eral Employees Health Benefits (FEHB)
program pursuant to 5 U.S. Code § 8905a
by an individual who lost coverage due to
a reduction in hours or an involuntary ter-
mination of employment?
A-16. No. Continuation coverage
elected under the FEHB program pursu-
ant to 5 U.S. Code § 8905a is not COBRA
continuation coverage for purposes of
§ 9501 of the ARP and so COBRA premi-
um assistance is not available with respect
to that coverage.
Q-17. Is COBRA premium assistance
available to individuals who have elected
and remained on COBRA continuation
coverage for an extended period due to
a disability determination, second quali-
fying event, or an extension under State
mini-COBRA, to the extent those addi-
tional periods of coverage fall between
April 1, 2021, and September 30, 2021, if
the original qualifying event was a reduc-
tion in hours or an involuntary termination
of employment?
A-17. Yes. If the original qualifying
event was a reduction in hours or an in-
voluntary termination of employment,
COBRA premium assistance is available
to individuals who have elected and re-
mained on COBRA continuation coverage
for an extended period due to a disability
determination, second qualifying event, or
an extension under State mini-COBRA, to
the extent the additional periods of cover-
age fall between April 1, 2021, and Sep-
tember 30, 2021.
Q-18. If retiree health coverage (that
is not COBRA continuation coverage) is
offered to a potential Assistance Eligible
Individual, how does that offer affect eli-
gibility for COBRA premium assistance?
A-18. The effect on eligibility for
COBRA premium assistance depends on
whether the retiree health coverage is of-
fered under the same group health plan
as the COBRA continuation coverage or
under a separate group health plan. If of-
fered under the same group health plan,
the offer of the retiree health coverage has
no effect on a potential Assistance Eligible
Individual’s eligibility for COBRA premi-
um assistance under the ARP. However,
a potential Assistance Eligible Individual
is not eligible for COBRA premium as-
sistance if the individual is offered retiree
health coverage that is not COBRA con-
tinuation coverage and is coverage under
a separate group health plan than the plan
under which the COBRA continuation
coverage is offered.
The COBRA regulations provide rules
for determining whether health benefits
provided by an employer or employ-
ee organization constitute one or more
group health plans for purposes of Federal
COBRA. See Treas. Reg. § 54.4980B-
2, Q&A-6. Under those rules, all health
benefits provided by an organization
constitute a single group health plan un-
less it is clear from the instruments gov-
erning the arrangement or arrangements
that the benefits are being provided under
separate plans, and the arrangement or ar-
rangements are operated pursuant to such
instruments as separate plans. (See Q&A-
36 for more information regarding retiree
health coverage.)
Q-19. Does COBRA premium assis-
tance apply to portions of the premium
attributable to COBRA continuation cov-
erage for individuals who are not qualified
beneficiaries?
A-19. No. COBRA premium assis-
tance is limited to premiums attributable
to COBRA continuation coverage for As-
sistance Eligible Individuals. For purpos-
es of Federal COBRA, a qualified benefi-
ciary with respect to a covered employee
under a group health plan is the spouse of
the employee or a dependent child of the
employee if the spouse or dependent child
was a beneficiary under the plan on the
day before the qualifying event. A child
who is born to or adopted by the covered
employee during the period of COBRA
continuation coverage may also be a qual-
ified beneficiary. Otherwise, a spouse or
dependent child who was not a benefi-
ciary under the plan before the qualifying
event is not a qualified beneficiary. In ad-
dition, if an individual does not meet the
definition of a qualified beneficiary under
Federal COBRA, the individual’s cover-
age is not eligible for COBRA premium
assistance, even though the individual
may continue to be covered or be eligible
to continue coverage under a plan by its
terms, or as required by State law. (If there
are additional individuals enrolled in CO-
BRA continuation coverage who are ineli-
gible for COBRA premium assistance, see
Q&A-68 for information regarding calcu-
lation of the premium assistance credit.)
Q-20. If an individual makes or owes
COBRA premium payments for retroac-
tive COBRA continuation coverage elect-
ed under the Emergency Relief Notices
for which the payment due date has been
extended, does that make the individual
ineligible for premium assistance?
A-20. No. If an individual elected ret-
roactive COBRA continuation coverage
under the Emergency Relief Notices, nei-
ther making nor owing COBRA premium
payments for retroactive COBRA continu-
ation coverage for which the payment due
date has been extended makes an individ-
ual ineligible for COBRA premium assis-
tance. However, an individual may lose
retroactive COBRA continuation cover-
age (as noted in Q&A-58) for the months
for which the premium is not timely paid
under the Emergency Relief Notices. Any
late or unpaid premiums for retroactive
COBRA continuation coverage will not
affect an individual’s eligibility for CO-
BRA premium assistance.
REDUCTION IN HOURS
Q&A-21 through Q&A-23 apply solely
for purposes of determining whether there
is a reduction in hours under § 9501 of the
ARP and § 6432 of the Code, and other
provisions of the Code added or amended
by § 9501 of the ARP, but not for any oth-
er purposes of the Code or any other law.
Q-21. May a qualified beneficiary
whose qualifying event is a voluntary re-
duction in hours be a potential Assistance
Eligible Individual who qualifies for CO-
BRA premium assistance?
A-21. Yes. An employee’s reduction in
hours would cause the qualified beneficia-
ry to be a potential Assistance Eligible In-

Bulletin No. 2021–23 1179 June 7, 2021
dividual regardless of whether the reduc-
tion in hours is voluntary or involuntary.
Q-22. Is a qualified beneficiary whose
qualifying event is a furlough a potential
Assistance Eligible Individual who quali-
fies for COBRA premium assistance?
A-22. Yes. In this notice, the term “fur-
lough” means a temporary loss of em-
ployment or complete reduction in hours
with a reasonable expectation of return to
employment or resumption of hours (for
example, due to an expected business re-
covery of the employer) such that the em-
ployer and employee intend to maintain
the employment relationship. A furlough
may be a reduction in hours regardless of
whether the employer initiated the fur-
lough, or the individual participated in a
furlough process analogous to a window
program (see Q&A-29).
Q-23. Does a reduction in hours in-
clude a work stoppage as the result of a
lawful strike initiated by employees or
their representatives or a lockout initiated
by the employer?
A-23. Yes. A reduction in hours in-
cludes a work stoppage, either as the re-
sult of a lawful strike initiated by employ-
ees or their representatives or a lockout
initiated by the employer, as long as at
the time the work stoppage or the lawful
strike commences the employer and em-
ployee intend to maintain the employment
relationship.
INVOLUNTARY TERMINATION OF
EMPLOYMENT
Q&A-24 through Q&A-34 apply solely
for purposes of determining whether there
is an involuntary termination of employ-
ment under § 9501 of the ARP and § 6432
of the Code, and other provisions of the
Code added or amended by § 9501 of the
ARP, but not for any other purposes under
the Code or any other law.
Q-24. What circumstances constitute
an involuntary termination of employment
for purposes of the definition of an Assis-
tance Eligible Individual?
A-24. An involuntary termination of
employment means a severance from em-
ployment due to the independent exercise
of the unilateral authority of the employer
to terminate the employment, other than
due to the employee’s implicit or explicit
request, where the employee was willing
and able to continue performing services.
For application of the involuntary termina-
tion of employment standard with respect
to the failure to renew an employment
agreement or similar contract, see Q&A-
34. In addition, an employee-initiated ter-
mination of employment constitutes an in-
voluntary termination of employment for
purposes of COBRA premium assistance
if the termination of employment consti-
tutes a termination for good reason due to
employer action that results in a material
negative change in the employment rela-
tionship for the employee analogous to a
constructive discharge.
The determination of whether a termi-
nation is involuntary is based on the facts
and circumstances. For example, if a ter-
mination is designated as voluntary or as a
resignation, but the facts and circumstanc-
es indicate that the employee was willing
and able to continue performing services,
so that, absent the voluntary termination,
the employer would have terminated the
employee’s services, and that the em-
ployee had knowledge that the employee
would be terminated, the termination is
involuntary.
Q-25. Does involuntary termination of
employment include an employer’s action
to end an individual’s employment while
the individual is absent from work due to
illness or disability, if that action would
otherwise constitute an involuntary termi-
nation of employment?
A-25. Yes. Involuntary termination of
employment occurs when the employer
takes action to terminate the individual’s
employment, if before the action there is a
reasonable expectation that the employee
will return to work after the illness or dis-
ability has subsided. However, mere ab-
sence from work due to illness or disabil-
ity before the employer has taken action
to end the individual’s employment is not
an involuntary termination of employment
(see Q&A-32). Whether the absence from
work is a reduction in hours potentially
resulting in COBRA continuation cover-
age depends on whether the absence from
work results in a loss of coverage.
Q-26. Does an involuntary termination
of employment include retirement?
A-26. Generally, no. In general, a re-
tirement is a voluntary termination of
employment. However, if the facts and
circumstances indicate that, absent retire-
ment, the employer would have terminat-
ed the employee’s employment, that the
employee was willing and able to con-
tinue employment, and that the employee
had knowledge that the employee would
be terminated absent the retirement, the
retirement is an involuntary termination
of employment.
Q-27. Does involuntary termination of
employment include involuntary termina-
tion of employment for cause?
A-27. Yes. However, if the termination
of employment is due to gross misconduct
of the employee, the termination is not a
qualifying event and the loss of the health
coverage of the employee and other fam-
ily members by reason of the employee’s
termination of employment does not lead
to eligibility for COBRA continuation
coverage. Therefore, the loss of coverage
due to a termination of employment for
gross misconduct will not result in an in-
dividual becoming a potential Assistance
Eligible Individual.
Q-28. Does an involuntary termination
of employment include a resignation as
the result of a material change in the geo-
graphic location of employment for the
employee?
A-28. Yes.
Q-29. Does an involuntary termination
of employment include participation by
an employee in a window program under
which employees with impending termi-
nations of employment are offered a sev-
erance arrangement to terminate employ-
ment within a specified period of time (the
“window”)?
A-29. Yes. An involuntary termination
of employment includes participation in a
window program that meets the require-
ments of Treas. Reg. § 31.3121(v)(2)-1(b)
(4)(v). See those regulations for further
information including certain time limits
applicable to the window and limits on the
ability to have successive windows.
Q-30. Does an involuntary termination
of employment occur because the termina-
tion of employment is for “good reason” if
an employee terminates employment be-
cause of concerns about workplace safety
due to a health condition of the employee
or a family member of the employee?
A-30. In general, an employee’s termi-
nation of employment due to general con-
cerns about workplace safety is not treated
as an involuntary termination of employ-

June 7, 2021 1180 Bulletin No. 2021–23
ment. However, a termination of employ-
ment would be involuntary if the employ-
ee can demonstrate that the employer’s
actions (or inactions) resulted in a mate-
rial negative change in the employment
relationship analogous to a constructive
discharge. A departure due to the personal
circumstances of the employee unrelated
to an action or inaction of the employer,
such as a health condition of the employ-
ee or a family member, inability to locate
daycare, or other similar issues, generally
will not rise to the level of being analo-
gous to a constructive discharge absent the
employer’s failure to either take a required
action or provide a reasonable accommo-
dation.
Q-31. Is an individual whose qualify-
ing event is an employee-initiated termi-
nation of employment because a child is
unable to attend school or because anoth-
er childcare facility is closed due to the
COVID-19 National Emergency a poten-
tial Assistance Eligible Individual?
A-31. No. However, if the individual
maintains the ability to return to work, and
the facts and circumstances indicate that
the qualifying event is a temporary leave
of absence such that the employer and
employee intend to maintain the employ-
ment relationship, the qualifying event is
a voluntary reduction in hours and the in-
dividual would be a potential Assistance
Eligible Individual.
Q-32. Does an involuntary termination
of employment include a termination of
employment initiated by the employee in
response to an involuntary material reduc-
tion in hours that did not result in a loss of
coverage?
A-32. Yes. For purposes of COBRA
premium assistance, an employee-initiat-
ed termination of employment in response
to an involuntary material reduction in
hours is treated as a termination for good
reason. Thus, an employee-initiated termi-
nation of employment due to an involun-
tary material reduction in hours would be
an involuntary termination of employment
for purposes of COBRA premium assis-
tance.
Q-33. Is the death of an employee an
involuntary termination of employment
that makes qualified beneficiaries such as
the spouse and dependent children of the
employee potential Assistance Eligible In-
dividuals?
A-33. No. The death of an employee
is not a reduction in hours or an involun-
tary termination of employment, so a loss
of coverage due to the employee’s death
would not result in the spouse and depen-
dent children of the employee being po-
tential Assistance Eligible Individuals.
Q-34. Does an involuntary termination
of employment include an employer’s
decision not to renew an employee’s con-
tract, including for an employee whose
employer is a staffing agency?
A-34. Generally, yes. An employer’s
decision not to renew an employee’s con-
tract will be considered an involuntary ter-
mination of employment if the employee
was otherwise willing and able to contin-
ue the employment relationship and was
willing either to execute a contract with
terms similar to those of the expiring con-
tract or to continue employment without
a contract. However, if the parties un-
derstood at the time they entered into the
expiring contract, and at all times when
services were being performed, that the
contract was for specified services over
a set term and would not be renewed, the
completion of the contract without it be-
ing renewed is not an involuntary termi-
nation of employment.
COVERAGE ELIGIBLE FOR
COBRA PREMIUM ASSISTANCE
Q-35. Is COBRA premium assistance
available for COBRA continuation cov-
erage under a vision-only or dental-only
plan?
A-35. Yes. COBRA premium assis-
tance is available for COBRA continuation
coverage of any group health plan, except
a health FSA under § 106(c) offered under
a § 125 cafeteria plan. Group health plans
include vision-only and dental-only plans,
regardless of whether the employer pays
for a portion of the premiums for active
employees. COBRA premium assistance
is not available for continuation coverage
offered by employers for non-health ben-
efits that are not subject to Federal CO-
BRA continuation coverage requirements,
such as group-term life insurance. (See
Q&A-55 regarding eligibility for COBRA
continuation coverage for distinct benefit
options).
Q-36. May retiree health coverage be
treated as COBRA continuation coverage
for which COBRA premium assistance is
available?
A-36. Yes, but only if the retiree cover-
age is offered under the same group health
plan as the coverage made available
to similarly situated active employees,
though the amount charged for the retiree
coverage may be higher than that charged
to active employees. In that case, the re-
tiree coverage may still be eligible for the
COBRA premium assistance as long as
the amount charged to a retiree does not
exceed the maximum amount allowed un-
der Federal COBRA.
Q-37. Is COBRA premium assistance
available for COBRA continuation cov-
erage under a health reimbursement ar-
rangement (HRA)?
A-37. Yes. Note that, for purposes of the
ARP, COBRA continuation coverage does
not include a health FSA provided through
a § 125 cafeteria plan paid for with salary
reduction amounts. Even though, under
some circumstances, an HRA may qualify
as a health FSA under § 106(c)(2), such
an HRA would not be excluded from the
ARP’s definition of COBRA continuation
coverage because the HRA would be paid
for with employer contributions, not sala-
ry reduction amounts contributed through
a § 125 cafeteria plan.
Q-38. Does eligibility for coverage
under an HRA end the period of COBRA
premium assistance under the ARP in the
same way as eligibility for coverage under
any other group health plan?
A-38. Yes, unless the HRA qualifies
as a health FSA under § 106(c)(2). Un-
der § 106(c)(2)(B), a health FSA is health
coverage under which the maximum
amount of reimbursement that is rea-
sonably available to a participant for the
coverage is less than 500 percent of the
value of the coverage. For this purpose,
the maximum amount of reimbursement
that is reasonably available generally
would be the balance of the HRA, and
the value of the HRA coverage general-
ly would be the applicable premium for
COBRA continuation of the HRA cover-
age, not taking into account COBRA pre-
mium assistance.
Q-39. Is COBRA premium assistance
available for COBRA continuation cov-
erage under an HRA integrated with indi-
vidual health insurance coverage (an indi-
vidual coverage HRA)?

Bulletin No. 2021–23 1181 June 7, 2021
A-39. Yes. In the case of an individual
coverage HRA, the COBRA continuation
coverage applies only to the individual
coverage HRA and not to the underlying
individual health insurance coverage. The
qualified beneficiary with COBRA contin-
uation coverage must still incur and sub-
stantiate covered medical care expenses
(which may include health insurance pre-
miums) to be reimbursed by the individu-
al coverage HRA. Although an individual
coverage HRA may include an HRA in-
tegrated with Medicare, a qualified ben-
eficiary eligible for Medicare cannot be
an Assistance Eligible Individual; thus,
COBRA premium assistance is not avail-
able if the COBRA continuation coverage
is under an individual coverage HRA in-
tegrated with Medicare. (See Q&A-70
regarding the calculation of the premium
assistance credit in the case of an individ-
ual coverage HRA.)
Q-40. Is COBRA premium assistance
available for coverage under a QSEHRA
as defined in § 9831(d)?
A-40. No. A QSEHRA is not a group
health plan eligible for COBRA continu-
ation coverage.
Q-41. Pursuant to § 9501(a)(1)(B) of
the ARP, a plan sponsor allows an As-
sistance Eligible Individual to enroll in
coverage under a plan that is different
than the coverage the individual was
enrolled in at the time of the qualifying
event. Does the requirement that the pre-
mium for the different coverage elected
not exceed the premium for coverage that
the individual was enrolled in at the time
of the qualifying event simply limit the
amount of the COBRA premium assis-
tance, thereby allowing the individual to
elect a plan with a higher premium but re-
stricting the amount of COBRA premium
assistance to the amount of the premium
for the coverage that the individual was
enrolled in at the time of the qualifying
event (with the individual or employer
paying the excess over the COBRA pre-
mium assistance)?
A-41. No. Unless otherwise allowed
under the COBRA regulations or other
applicable law, coverage with a premium
greater than the premium for the coverage
that the individual was enrolled in at the
time of the qualifying event is not eligi-
ble for the COBRA premium assistance.
However, the requirements in § 9501(a)
(1)(B) of ARP do not apply to a situation
in which the plan in which the individual
was enrolled at the time of the qualifying
event is not available (see Q&A-42).
Example: An individual is an Assistance Eligi-
ble Individual who was enrolled in a plan with an
$800 per month COBRA premium at the time of the
qualifying event. The employer sponsoring the plan
permits Assistance Eligible Individuals to enroll in
other coverage pursuant to § 9501(a)(1)(B) of the
ARP. Three other coverages are offered to active em-
ployees similarly situated to the individual, none of
which are excepted benefits, a QSEHRA or a health
FSA. The COBRA premiums for the other coverages
are $700, $750 or $1,000 per month. The individual
may enroll in the $700 or $750 per month options
with COBRA premium assistance. If the employer
allows, the individual may enroll in the $1,000 per
month coverage option but that coverage will not be
eligible for the COBRA premium assistance. (But
see Q&A-69 regarding the availability of COBRA
premium assistance for an Assistance Eligible Indi-
vidual electing a different benefit package in compli-
ance with § 54.4980B-8, Q&A-2(c), such as during
open enrollment.)
Q-42. If a potential Assistance Eligi-
ble Individual elects COBRA continua-
tion coverage during the ARP extended
election period but the employer no lon-
ger offers the health plan that previously
covered the individual, must the employer
place that individual in the plan most sim-
ilar to the prior plan, provided the employ-
er offers other health plans?
A-42. Yes. If an employer no longer
offers the health plan that previously cov-
ered the potential Assistance Eligible Indi-
vidual, the individual must be offered the
opportunity to elect the plan that a simi-
larly situated active employee would have
been offered that is most similar to the
previous plan that covered the individual,
even if the premium for the plan is greater
than the premium for the previous plan.
In this case, the other coverage elected by
the individual is eligible for the COBRA
premium assistance, regardless of the pre-
mium for that coverage.
BEGINNING OF COBRA PREMIUM
ASSISTANCE PERIOD
Q-43. When is an Assistance Eligible
Individual first entitled to receive COBRA
premium assistance?
A-43. An Assistance Eligible Individu-
al is entitled to receive COBRA premium
assistance as of the first applicable period
of coverage beginning on or after April 1,
2021. For this purpose, a period of cov-
erage is a monthly or shorter period with
respect to which premiums are normally
charged by the plan or issuer with respect
to such coverage provided to employees
and qualified beneficiaries. The start date
of the first period of coverage beginning
on or after April 1, 2021, depends on the
period with respect to which premiums
would have been normally charged by the
plan if the individual had paid the premi-
um.
Example: Plan provides that employees and qual-
ified beneficiaries pay premiums for health coverage,
including COBRA continuation coverage, on a bi-
weekly basis for a corresponding two-week period
of coverage. For March 2021, the last two-week pe-
riod of coverage is from March 28 through April 10,
2021, followed by a period of coverage from April
11 through April 24, 2021. COBRA premium assis-
tance could apply with respect to the premium for the
period of coverage beginning April 11, 2021.
Q-44. Must an Assistance Eligible In-
dividual electing COBRA continuation
coverage under the ARP extended election
period begin coverage as of the first period
of coverage beginning on or after April 1,
2021?
A-44. No. While a group health plan
must make COBRA continuation cov-
erage with COBRA premium assistance
available as of the first period of coverage
beginning on or after April 1, 2021, in the
case of an Assistance Eligible Individual
electing COBRA continuation coverage
under the ARP extended election period,
the Assistance Eligible Individual may
waive COBRA continuation coverage for
any period before electing to receive CO-
BRA premium assistance, including retro-
active periods of coverage beginning prior
to April 1, 2021.
Example: An individual’s employment was in-
voluntarily terminated and as a result the individual
lost health coverage on October 1, 2020. The indi-
vidual received the COBRA election notice on Octo-
ber 1, 2020. The individual enrolls in an individual
health insurance policy on the Health Insurance Ex-
change, effective on November 1, 2020. The individ-
ual receives the notice of the ARP extended election
period on May 1, 2021. At that time, the individual is
not eligible to enroll in any other group health plan
or Medicare. The individual may elect COBRA con-
tinuation coverage either retroactively to October 1,
2020, retroactively to April 1, 2021, or prospective-
ly. The individual elects COBRA continuation cov-
erage prospectively from June 1, 2021, and contacts
the Health Insurance Exchange to end the Exchange
health insurance policy as of May 31, 2021. The in-
dividual is an Assistance Eligible Individual as of
June 1, 2021. Because there is no overlapping cover-
age, the individual is not required to repay any APTC
when the individual files his or her 2021 tax return.

June 7, 2021 1182 Bulletin No. 2021–23
Q-45. If an employer is no longer sub-
ject to Federal COBRA due to a reduction
in the number of employees, is the em-
ployer still required to provide the ARP
extended election period to individuals
who had a qualifying event that was a
reduction in hours or involuntary termi-
nation of employment while the employ-
er was subject to COBRA, and are those
qualified beneficiaries potential Assis-
tance Eligible Individuals?
A-45. Yes. Whether a qualified benefi-
ciary is eligible to elect Federal COBRA
continuation coverage is determined by
the employer’s status at the time of the
qualifying event, and whether a qualified
beneficiary is a potential Assistance Eli-
gible Individual who may elect COBRA
continuation coverage during the ARP
extended election period is determined by
whether the qualified beneficiary was el-
igible to elect COBRA continuation cov-
erage at the time of the qualifying event.
Example: Based on the number of employees
from the preceding calendar year, an employer is not
a small employer for the 2020 calendar year, but is a
small employer for calendar year 2021. As a result,
Federal COBRA requirements apply to the employer
for calendar year 2020 but not calendar year 2021.
An individual has a qualifying event that is an invol-
untary termination of employment in November of
2020. Because the qualified beneficiary’s qualifying
event occurred during the 2020 calendar year when
the employer was not a small employer and the plan
was subject to Federal COBRA requirements, the
employer is required to provide the ARP extended
election period and the qualified beneficiary is eligi-
ble to elect Federal COBRA continuation coverage
with COBRA premium assistance.
Q-46. Is COBRA premium assistance
available for periods of coverage from
April 1, 2021, through September 30,
2021, if the election for COBRA contin-
uation coverage is made after September
30, 2021?
A-46. Yes, but only if the individual
makes the election within the applicable
60-day election period. A qualified bene-
ficiary who is a potential Assistance Eli-
gible Individual has 60 days to elect CO-
BRA continuation coverage after being
provided either the general notice under
§ 9501(a)(5)(A) of the ARP (for a qualify-
ing event after April 1, 2021), or the notice
regarding the ARP extended election peri-
od under § 9501(a)(5)(C) (with respect to
a qualifying event before April 1, 2021).
If the individual makes the COBRA elec-
tion after September 30, 2021, but with-
in the applicable 60-day period, then the
individual is entitled to COBRA premium
assistance through the earlier of the last
period of coverage beginning on or before
September 30, 2021, or the date that CO-
BRA continuation coverage expires. CO-
BRA premium assistance would start with
the later of the first period of coverage be-
ginning on or after April 1, the date of the
qualifying event, or the date the qualified
beneficiary elects to begin COBRA con-
tinuation coverage.
END OF COBRA PREMIUM
ASSISTANCE PERIOD
Q-47. For how long is COBRA premi-
um assistance available to an Assistance
Eligible Individual?
A-47. COBRA premium assistance
applies until the earliest of (1) the first
date the Assistance Eligible Individual
becomes eligible for other group health
plan coverage (with certain exceptions)
or Medicare coverage, (2) the date the in-
dividual ceases to be eligible for COBRA
continuation coverage, or (3) the end of
the last period of coverage beginning on
or before September 30, 2021.
Example: A plan provides that employees and
qualified beneficiaries pay premiums for health cov-
erage, including COBRA continuation coverage,
on a biweekly basis for a corresponding two-week
period of coverage. For September 2021, the last
two-week period of coverage is from September 19
through October 2, 2021. COBRA premium assis-
tance would apply with respect to the entire period
of coverage beginning September 19, even though
the period of coverage includes coverage for October
1 and October 2, 2021.
Q-48. Once subsidized COBRA con-
tinuation coverage ends with the period of
coverage including September 30, 2021,
does coverage for a qualified beneficiary
who was an Assistance Eligible Individual
automatically continue with unsubsidized
COBRA and, if so, when is the payment
for the first subsequent period of coverage
due?
A-48. COBRA continuation coverage
automatically continues, and the pay-
ment for the first period of coverage af-
ter September 30, 2021 will be timely if
paid according to the terms of the plan or
coverage, subject to applicable COBRA
continuation coverage requirements tak-
ing into account the Emergency Relief
Notices.
Q-49. What are the consequences if an
Assistance Eligible Individual fails to pro-
vide notice that the individual is no longer
eligible for COBRA premium assistance
due to eligibility for coverage under an-
other group health plan or Medicare?
A-49. An Assistance Eligible Individ-
ual who fails to provide notice may be
subject to a Federal tax penalty of $250
for each failure to notify the employer,
plan, or issuer. If the failure to provide
notice is fraudulent, the penalty will be
the greater of $250 or 110 percent of the
COBRA premium assistance improperly
received. The penalty will not apply if the
individual’s failure to provide notice was
due to reasonable cause and not to willful
neglect. The employer, plan, or issuer who
received the premium assistance credit in
the amount of the excess COBRA premi-
um assistance has no right to the penalty
payment.
Q-50. Does the death of an employee
who has had a reduction in hours or in-
voluntary termination of employment end
the eligibility for COBRA premium assis-
tance of any qualified beneficiary spouse
and dependent children?
A-50. No.
EXTENDED ELECTION PERIOD
Q&A-51 through Q&A-55 apply only
for purposes of Federal COBRA, unless
the Q&A indicates otherwise.
Q-51. If an employee had a reduction
in hours or an involuntary termination
of employment before April 1, 2021 and
elected self-only COBRA continuation
coverage, may a spouse or a dependent
child who is a qualified beneficiary in
connection with the reduction in hours or
involuntary termination of employment
elect COBRA continuation coverage and
receive COBRA premium assistance un-
der the ARP extended election period?
A-51. Yes. A qualified beneficiary who
does not have an election of COBRA con-
tinuation coverage in effect on April 1,
2021, but who would have been an As-
sistance Eligible Individual if the election
were in effect, may elect COBRA contin-
uation coverage under the ARP extended
election period. A spouse or dependent
child who is a beneficiary under a group
health plan that covers an employee on the
day before the reduction in hours or invol-
untary termination of employment of the
employee also would have been an Assis-

Bulletin No. 2021–23 1183 June 7, 2021
tance Eligible Individual if the spouse or
dependent child had elected COBRA con-
tinuation coverage. Thus, a spouse or de-
pendent child in this situation has a second
election opportunity, notwithstanding the
prior election of self-only COBRA contin-
uation coverage by the employee.
Q-52. Is the ARP extended election pe-
riod available to an individual if the con-
tinuation coverage is provided only under
State law (and not Federal COBRA)?
A-52. No. The ARP extended election
period under § 9501(a)(4)(A) applies
only to a group health plan that is subject
to Federal COBRA. It does not apply to
plans subject to continuation coverage
requirements under a State program that
provides comparable continuation cover-
age. However, if a State law or program
provides for a similar extended election
right and an individual otherwise satis-
fies the requirements to be an Assistance
Eligible Individual, COBRA premium as-
sistance is available for any resulting pe-
riod of COBRA continuation coverage for
periods of coverage from April 1, 2021,
through September 30, 2021.
Q-53. May a potential Assistance Eligi-
ble Individual whose qualifying event oc-
curred before April 1, 2021, who still has
an open COBRA continuation coverage
election period independent of the ARP
(including an extended period for elect-
ing coverage under the Emergency Relief
Notices), elect COBRA continuation cov-
erage under the ARP extended election
period and receive COBRA continuation
coverage with COBRA premium assis-
tance that starts with a period of coverage
beginning only on or after April 1, 2021?
A-53. Yes. The extended election pe-
riod for electing COBRA continuation
coverage is available for a potential As-
sistance Eligible Individual if the qual-
ifying event occurred before April 1,
2021, and if the individual has not yet
elected COBRA continuation coverage,
including for an individual who has an
open COBRA election period as of April
1, 2021. If the individual elects retroac-
tive COBRA continuation coverage un-
der the original COBRA election period
available prior to the ARP extended elec-
tion period under Federal COBRA, CO-
BRA continuation coverage is retroactive
to that individual’s loss of coverage. CO-
BRA premium assistance, however, does
not apply to periods of coverage prior to
the first period of coverage beginning on
or after April 1, 2021.
Example: An individual is involuntarily termi-
nated from employment on December 15, 2020 and
receives the COBRA election notice on January 4,
2021. As of April 1, 2021, the individual has not
elected COBRA continuation coverage. The indi-
vidual must receive a notice of the ARP extended
election period for COBRA continuation coverage.
The individual may elect COBRA continuation
coverage under the original COBRA election peri-
od (as extended by the Emergency Relief Notices)
but will be eligible for COBRA premium assistance
only for periods of coverage beginning on or after
April 1, 2021. Alternatively, the individual may de-
cline to elect COBRA continuation coverage under
the original COBRA election period (as extended by
the Emergency Relief Notices) and instead elect CO-
BRA continuation coverage under the ARP extended
election period only for periods of coverage begin-
ning on or after April 1, 2021.
Q-54. How does an election of COBRA
continuation coverage under the ARP ex-
tended election period apply in the case of
an HRA if the Assistance Eligible Individ-
ual elects COBRA continuation coverage
solely under the ARP extended election
period, and declines to elect coverage that
is retroactive to the qualifying event?
A-54. With respect to an election of
COBRA continuation coverage for an
HRA solely under the ARP extended elec-
tion period, the HRA may no longer reim-
burse expenses incurred after the qualify-
ing event that led to the loss of coverage
and before the first day of the first period
of coverage beginning on or after April
1,2021. Generally, qualified beneficiaries
electing COBRA continuation coverage
with respect to HRA coverage have ac-
cess to the same level of reimbursements
during COBRA continuation coverage
as was available immediately before the
qualifying event. Thus, a qualified benefi-
ciary electing COBRA continuation cover-
age with respect to an HRA under the ARP
extended election period will have access
to the same level of reimbursements as
the qualified beneficiary had immediately
before the qualifying event based on the
amount originally available for the HRA
plan year and reimbursements for expens-
es incurred before the qualifying event,
reduced by the amount of any reimburse-
ments made after the qualifying event; for
example, reimbursements for expenses
incurred before the qualifying event that
were submitted and reimbursed after the
qualifying event.
Q-55. If a qualified beneficiary due to
a reduction of hours or an involuntary ter-
mination of employment was previously
offered COBRA continuation coverage
with respect to both comprehensive health
coverage and dental-only or vision-on-
ly coverage and the qualified beneficiary
elected COBRA continuation coverage
only with respect to the dental-only or vi-
sion-only coverage, is the qualified bene-
ficiary still a potential Assistance Eligible
Individual who must be offered the ARP
extended election with respect to the com-
prehensive health coverage?
A-55. Yes. A qualified beneficiary
whose qualifying event was a reduction
in hours or an involuntary termination of
employment is a potential Assistance Eli-
gible Individual and must be offered the
ARP extended election period with re-
spect to any health coverage the qualified
beneficiary was enrolled in prior to the
qualifying event and for which the indi-
vidual does not have a COBRA election in
effect on April 1, 2021, even if the qual-
ified beneficiary previously elected CO-
BRA continuation coverage with respect
to other coverage in which the qualified
beneficiary was previously enrolled. If
the qualified beneficiary elects additional
COBRA continuation coverage pursuant
to the ARP extended election period, the
qualified beneficiary is an Assistance Eli-
gible Individual with respect to all elected
COBRA continuation coverage.
EXTENSIONS UNDER THE
EMERGENCY RELIEF NOTICES
Q-56. What is the election period for
a potential Assistance Eligible Individual
to make the election for COBRA premium
assistance if the individual is also eligible
to elect COBRA continuation coverage
under the Emergency Relief Notices?
A-56. If a qualified beneficiary re-
ceived a COBRA notice under § 4980B
before April 1, 2021, and also receives
the notice of the ARP extended election
period, then, within 60 days of receiving
the notice of the ARP extended election
period, the qualified beneficiary may
elect COBRA continuation coverage with
COBRA premium assistance for periods
of coverage beginning on or after April
1, 2021. If a qualified beneficiary elects
COBRA continuation coverage with CO-

June 7, 2021 1184 Bulletin No. 2021–23
BRA premium assistance, the individual
must also elect or decline COBRA con-
tinuation coverage retroactive to the loss
of coverage, if eligible, within 60 days of
receiving the notice of the ARP extended
election period. If the qualified benefi-
ciary elects retroactive COBRA continu-
ation coverage, the qualified beneficiary
may be required to pay COBRA premi-
ums for periods of coverage beginning
before April 1, 2021.
Q-57. Do the extensions of timeframes
available under the Emergency Relief No-
tices apply to the required furnishing of
the notice of an ARP extended election pe-
riod under § 9501(a)(5)(C), or to the ARP
extended election period to elect COBRA
continuation coverage with COBRA pre-
mium assistance beginning on or after
April 1, 2021, under § 9501(a)(4)?
A-57. No. The extensions of time-
frames available under the Emergency
Relief Notices do not apply to either the
required furnishing of a notice of an ARP
extended election period under § 9501(a)
(5)(C) or to the ARP extended election pe-
riod. The notice of the ARP extended elec-
tion period under § 9501(a)(5)(C) must be
furnished by May 31, 2021 (60 days after
April 1, 2021). An individual receiving
the notice must elect COBRA continua-
tion coverage no later than 60 days after
the notice is provided in order to receive
COBRA premium assistance.
Q-58. If a potential Assistance Eligi-
ble Individual elects retroactive COBRA
continuation coverage, how do the Emer-
gency Relief Notices apply to payment of
the premiums for the retroactive coverage
and what are the consequences if the pre-
miums are not timely paid?
A-58. The extensions of timeframes
under the Emergency Relief Notices re-
main available for premium payments for
the retroactive periods of coverage for po-
tential Assistance Eligible Individuals and
those who have enrolled in COBRA con-
tinuation coverage with COBRA premium
assistance. If an Assistance Eligible Indi-
vidual also elects retroactive coverage for
a period beginning before April 1, 2021,
the employer may require the individual
to pay the premiums for that period of
COBRA continuation coverage consistent
with the timeframes as extended under the
Emergency Relief Notices. If, by an appli-
cable deadline, the individual fails to pay
any amount towards the total premiums
due for periods of retroactive COBRA
continuation coverage, the employer may
treat the individual as having not elected
COBRA coverage until the first period of
coverage beginning on or after April 1,
2021. If, by the applicable deadline, the
individual pays only a portion of the total
premiums due for retroactive coverage,
the plan may credit those premiums to the
earliest months of the retroactive COBRA
continuation coverage and resume provid-
ing COBRA continuation coverage as of
the first period of coverage beginning on
or after April 1, 2021.
Example: On November 1, 2020, an individual
becomes a qualified beneficiary as the result of an
involuntary termination of employment and receives
the COBRA election notice under § 4980B(f)(6)(D).
On April 30, 2021, the individual receives the no-
tice of the ARP extended election period. On May
31, 2021, the individual elects both retroactive CO-
BRA continuation coverage beginning on November
1, 2020, and COBRA continuation coverage with
premium assistance for the first period of coverage
beginning on or after April 1, 2021. The individual
pays premiums for only three months of retroactive
COBRA within the applicable payment deadlines.
The individual makes no other premium payments
before the applicable deadlines. The plan may treat
the individual as having retroactive COBRA contin-
uation coverage only for November 2020, December
2020, and January 2021, and as having no retroac-
tive COBRA coverage for February 2021 and March
2021 (because only three months of premiums were
paid). Because the individual also elected COBRA
continuation coverage with premium assistance for
the first period of coverage beginning on or after
April 1, 2021, the individual has COBRA continu-
ation coverage with premium assistance for the first
period of coverage beginning on or after April 1,
2021 through the end of the period of coverage that
includes September 30, 2021, assuming the individ-
ual remains eligible for premium assistance through-
out that period.
Q-59. May a potential Assistance Eli-
gible Individual who elects COBRA con-
tinuation coverage with COBRA premium
assistance and who declines to elect ret-
roactive COBRA continuation coverage
at that time later elect retroactive COBRA
continuation coverage?
A-59. No. If a potential Assistance El-
igible Individual elects COBRA contin-
uation coverage with COBRA premium
assistance but declines to elect COBRA
continuation coverage that would begin at
the time of a qualifying event that occurred
before April 1, 2021, that individual may
not, after the 60-day extended election
period for electing COBRA continuation
coverage under the ARP has ended, later
elect COBRA continuation coverage that
begins at the time of the qualifying event.
Example: An individual has a qualifying event
that is an involuntary termination of employment on
March 1, 2021, and receives the COBRA election
notice the same day. The individual receives the no-
tice of the ARP extended election period on May 31,
2021, and elects COBRA continuation coverage with
COBRA premium assistance starting April 1, 2021.
Assuming the Outbreak Period has not ended, the in-
dividual does not remain eligible after July 30, 2021
(60 days from the receipt of the individual’s notice of
the ARP extended election period), to elect COBRA
continuation coverage starting March 1, 2021, de-
spite the extensions available under the Emergency
Relief Notices.
PAYMENTS TO INSURERS UNDER
FEDERAL COBRA
Q-60. In the case of an insured plan
subject to Federal COBRA that is not a
multiemployer plan, if the insurer and
the employer have agreed that the insur-
er will collect the COBRA premiums di-
rectly from the qualified beneficiaries, is
the insurer required to treat an Assistance
Eligible Individual as having paid the full
premium?
A-60. Yes. If the insurer fails to treat
the Assistance Eligible Individual as hav-
ing made a payment of the full premium,
the insurer may be liable for the excise tax
under § 4980B(e)(1)(B), which applies to
each person responsible (other than in a
capacity as an employee) for administer-
ing or providing benefits under the plan
and whose act or failure to act caused (in
whole or in part) the failure, if the per-
son assumed responsibility for the per-
formance of the act to which the failure
relates. Notwithstanding the agreement
between the employer and the insurer, the
employer is required to pay the premium
to the insurer for the months of COBRA
premium assistance with respect to the in-
dividual.
COMPARABLE STATE
CONTINUATION COVERAGE
Q-61. Does a State continuation cov-
erage program fail to provide comparable
coverage qualifying for COBRA premium
assistance under the ARP solely because
the maximum period of continuation cov-
erage under the program differs from the
maximum period available under Federal
COBRA?

Bulletin No. 2021–23 1185 June 7, 2021
A-61. No. A different period of contin-
uation coverage under a State continua-
tion coverage program does not by itself
mean a State program fails to provide
comparable coverage to Federal COBRA
continuation coverage under the ARP. For
example, the fact that a State continua-
tion coverage program provides only six
months of continuation coverage (instead
of 18 months) would not by itself result in
the State program failing to provide com-
parable coverage. Similarly, State pro-
grams providing for different qualifying
events, different qualified beneficiaries, or
different maximum premiums generally
do not fail to provide comparable cover-
age solely for those reasons.
Q-62. In the case of an insured plan
subject solely to State law requiring the in-
surer to provide continuation coverage, is
the employer eligible to take the premium
assistance credit directly if the employer
pays the full premium to the insurer?
A-62. No. Under § 6432(b)(3), in the
case of an insured plan subject solely to
State law with respect to the requirement
to provide continuation coverage, the pre-
mium payee is the insurer providing the
coverage under the group health plan.
The Treasury Department and the IRS are
aware that this requirement may create ad-
ministrative issues for certain Small Busi-
ness Health Options Program (SHOP)
exchanges that aggregate premiums paid
by participating employers or where State
rules require full payment of premiums by
the employer; the Treasury Department
and the IRS are continuing to consider
this issue.
CALCULATION OF COBRA
PREMIUM ASSISTANCE CREDIT
Q-63. As a general rule, what is the
amount of the premium assistance credit
for a quarter?
A-63. If the employer does not subsi-
dize COBRA premium costs for similarly
situated qualified beneficiaries who are not
Assistance Eligible Individuals, the credit
for a quarter is the amount equal to the
premiums not paid by Assistance Eligible
Individuals for COBRA continuation cov-
erage due to the application of § 9501(a)
(1) of the ARP for the quarter. In this case,
the amount of the premiums not paid by
the Assistance Eligible Individuals is the
premium amount charged for COBRA
continuation coverage to other similarly
situated covered employees and qualified
beneficiaries (for example, coverage for a
single individual, individual plus one, or
family who are not Assistance Eligible In-
dividuals). The premium amount also in-
cludes any administrative costs otherwise
allowed (that is, generally 102 percent of
the applicable premium under § 4980B(f)
(4)) (see Q&A-64).
Q-64. What is the amount of the pre-
mium assistance credit if the employer
subsidizes the COBRA premium costs for
similarly situated covered employees and
qualified beneficiaries who are not Assis-
tance Eligible Individuals?
A-64. The amount of the credit is the
premium that would have been charged
to an Assistance Eligible Individual in the
absence of the premium assistance, and
does not include any amount of subsidy
that the employer would have otherwise
provided. Thus, absent the premium as-
sistance, if the premium that the employer
would have charged to an Assistance Eli-
gible Individual is less than the maximum
COBRA premium—for example, if the
employer would have subsidized the cov-
erage by paying all or part of the premi-
um—the credit is equal to the amount that
the employer actually would have charged
to the Assistance Eligible Individual.
For the following examples, assume
102 percent of the applicable premium for
COBRA continuation coverage is $1,000
per month, and the premium payee is the
common law employer maintaining the
plan.
Example 1: Absent the COBRA premium assis-
tance, the common law employer requires individ-
uals electing COBRA continuation coverage to pay
$500 per month. The credit is $500 per month.
Example 2: The common law employer requires
active employees to pay $200 per month for health
coverage. Absent the COBRA premium assistance,
for involuntarily terminated employees, severance
benefits include continued health coverage at the
cost of $200 per month for three months after ter-
mination. After the three-month severance period,
the terminated employee must pay $1,000 per month
for the remainder of COBRA continuation cover-
age. The common law employer considers the loss
of coverage to occur on the last day coverage is in
effect before the severance benefits begin; that is, the
common law employer considers the three-month
severance period (during which the employer pays
$800 toward the cost of the terminated employee’s
COBRA continuation coverage) to be part of the ter-
minated employee’s COBRA continuation period of
coverage.
A potential Assistance Eligible Individ-
ual has an involuntary termination of em-
ployment as of April 1, 2021, and makes
the COBRA continuation election effec-
tive as of that date. For April, May, and
June 2021, the credit is $200 per month.
For July, August, and September 2021, the
credit is $1,000 per month.
Example 3: Same facts as Example 2, except
that the common law employer considers the loss of
health coverage and the beginning of the terminated
employee’s COBRA continuation period of coverage
to occur at the end of the three-month severance pe-
riod. For the first three months after termination of
employment, the terminated employee is not eligible
for COBRA continuation coverage and is not an As-
sistance Eligible Individual. Instead, the employee
pays $200 for coverage that is not a premium for CO-
BRA continuation coverage. The employee receives
severance benefits for health coverage beginning on
April 1, 2021, and then elects COBRA continuation
coverage beginning on July 1, 2021 (after the end of
the three-month severance period) and becomes an
Assistance Eligible Individual. The credit is $0 per
month for April, May, and June 2021, and $1,000 per
month for July, August, and September 2021.
Example 4: Same facts as Example 2, except that
for involuntarily terminated employees, the sever-
ance benefits include continued health coverage at
no cost for the three months after termination of em-
ployment.
Because the monthly premium (absent
the COBRA premium assistance) during
April, May, and June 2021 is zero, CO-
BRA premium assistance is not available
and there is no credit for those months.
After the severance period, the terminated
employee is entitled to COBRA continua-
tion coverage with COBRA premium as-
sistance for July, August, and September
2021. The credit is $1,000 per month for
July, August, and September 2021.
Q-65. If a plan that previously charged
less than the maximum premium allowed
under the COBRA continuation provi-
sions increases the premium for similarly
situated covered employees and qualified
beneficiaries pursuant to § 54.4980B-8,
Q&A-2(b)(1) (or similar authority under
comparable State law or other Federal
law), does the COBRA premium assis-
tance apply to the increased premium
amount?
A-65. Yes.
Example: Under the plan, 102 percent of the ap-
plicable premium for COBRA continuation coverage
is $1,000 per month. For periods of coverage before
April 1, 2021, the plan charged $500 per month
for COBRA continuation coverage. Pursuant to
§ 54.4980B-8, Q&A-2(b)(1) and the applicable no-
tice requirements, beginning April 1, 2021, the plan
charges $1,000 per month for COBRA continuation

June 7, 2021 1186 Bulletin No. 2021–23
coverage for all covered employees and qualified
beneficiaries. The COBRA premium assistance and
the premium assistance credit are $1,000 per Assis-
tance Eligible Individual per month for the coverage
beginning April 1, 2021.
Q-66. If a plan that previously charged
less than the maximum premium allowed
under the COBRA continuation provi-
sions increases the premium pursuant
to § 54.4980B-8, Q&A-2(b)(1), and the
employer provides a separate taxable pay-
ment to the Assistance Eligible Individual,
does the premium assistance credit apply
to the increased premium amount?
A-66. Yes.
Example: Under a group health plan, 102 percent
of the applicable premium for COBRA continuation
coverage is $1,000 per month. Before April 1, 2021,
the plan charged $400 per month for COBRA con-
tinuation coverage. Pursuant to § 54.4980B-8, Q&A-
2(b)(1), and the applicable notice requirements, the
plan charges all covered employees and qualified
beneficiaries $1,000 per month for COBRA contin-
uation coverage for periods of coverage beginning
April 1, 2021. In addition, beginning April 1, 2021,
the employer provides a taxable severance benefit of
$600 per month to employees who are Assistance El-
igible Individuals. An Assistance Eligible Individual
is entitled to COBRA continuation coverage without
payment of any premium. The credit is $1,000.
Q-67. If COBRA continuation cover-
age is provided under a State program that
provides comparable continuation cover-
age, does the premium assistance credit
apply to portions of the premium attribut-
able to COBRA continuation coverage for
those individuals who would not be quali-
fied beneficiaries under Federal COBRA?
A-67. No. While § 9501(a)(9)(B) of
the ARP defines the COBRA continua-
tion coverage eligible for COBRA pre-
mium assistance to include comparable
State continuation coverage, a qualified
beneficiary is defined under § 9501(a)(9)
(E) by cross-reference to § 607(3) of ERI-
SA. Thus, COBRA premium assistance is
limited to the premium attributable to the
coverage of the employee who was invol-
untarily terminated (other than by reason
of such employee’s gross misconduct) or
had a reduction in hours as a qualifying
event and that employee’s spouse or de-
pendent children who are qualified benefi-
ciaries under Federal COBRA, even if the
State law requires a group health plan to
provide continuation coverage to a broad-
er group of individuals (for example, an-
other member of the individual’s house-
hold who is not the spouse or a dependent
child).
Q-68. If COBRA continuation cover-
age of one or more Assistance Eligible
Individuals also covers one or more in-
dividuals who are not Assistance Eligible
Individuals, how is the premium for the
COBRA continuation coverage allocated
among the Assistance Eligible Individuals
and the other individuals in determining
the premium assistance credit?
A-68. The premium amounts for CO-
BRA continuation coverage for one or
more individuals who are Assistance Eli-
gible Individuals and one or more individ-
uals who are not Assistance Eligible Indi-
viduals are allocated first to the premiums
for the Assistance Eligible Individuals,
based on the cost of COBRA continua-
tion coverage (without COBRA premium
assistance) for only Assistance Eligible
Individuals, and then to the premiums for
the individuals who are not Assistance El-
igible Individuals. Thus, if the total cost
of the coverage for all covered individu-
als does not exceed the premium costs for
the Assistance Eligible Individuals alone,
then the premium for the individual who
is not an Assistance Eligible Individual is
zero, and the COBRA premium assistance
is the full applicable premium amount of
the COBRA continuation coverage. If the
coverage of an individual who is not an
Assistance Eligible Individual increases
the total COBRA premium for all indi-
viduals, that incremental additional cost is
not COBRA premium assistance for pur-
poses of the credit.
Example 1: An employee and the employee’s
two dependent children are Assistance Eligible In-
dividuals and have COBRA continuation coverage.
COBRA continuation coverage also covers an indi-
vidual who lives in the same household who is not an
Assistance Eligible Individual. The amount the plan
requires to be paid for COBRA continuation cover-
age for self-plus-two-or-more-dependents (which
includes the individual who is not an Assistance Eli-
gible Individual) is $1,000 per month.
The amount the employee would pay
(absent the COBRA premium assistance)
for coverage for the employee and the two
children (the Assistance Eligible Individu-
als) for COBRA continuation coverage is
$1,000 per month. The additional premi-
um amount for coverage of the individual
who is not an Assistance Eligible Individ-
ual is $0 per month. The employee is enti-
tled to apply the COBRA premium assis-
tance for the full $1,000 premium amount
per month. The credit is $1,000 per month.
Example 2: Same facts as Example 1, except the
employee has only one dependent child, and the plan
charges $800 per month for self-plus-one-dependent
COBRA continuation coverage. The portion of the
premium attributable to coverage for the individual
and the individual’s dependent child (both Assis-
tance Eligible Individuals) is $800 per month.
The employee is entitled to apply the
COBRA premium assistance to the $800
per month attributable to the Assistance
Eligible Individuals. The incremental
amount the employee pays for COBRA
continuation coverage for the individual
who is not an Assistance Eligible Individ-
ual is $200 per month, so the employee’s
total premium payment is $200 per month.
The credit is $800 per month.
Example 3: An employee is an Assistance Eligi-
ble Individual who has self-only coverage that would
cost $450 per month (absent the COBRA premium
assistance). During the ARP extended election peri-
od, the plan has an open enrollment period during
which it allows active employees and qualified ben-
eficiaries to add spouses and dependents to their
health coverage. The employee adds the employee’s
spouse and dependent child, who were not covered
before the employee’s qualifying event, to the em-
ployee’s COBRA continuation coverage. Without
regard to the COBRA premium assistance, COBRA
continuation coverage for self-plus-two-or-more-de-
pendents is $1,000 per month.
The spouse and the dependent child
are not Assistance Eligible Individuals be-
cause they were not covered by the plan
on the day before the employee’s qualify-
ing event. The amount the employee pays
for the spouse and the dependent child is
$550 per month ($1,000 less $450). The
employee is entitled to COBRA premium
assistance with respect to $450 per month.
The credit is $450 per month.
Q-69. Does the premium assistance ap-
ply to the increased premium if the plan,
in compliance with § 54.4980B-8, Q&A-
2(c), allows the Assistance Eligible Indi-
vidual to change coverage from the ben-
efit package that covered the individual
before a reduction in hours or involuntary
termination of employment to a different
benefit package with a higher applicable
premium that allows for an increase in the
premium amount charged to the Assis-
tance Eligible Individual?
A-69. Yes. (But see Q&A-42 regarding
the ability of an Assistance Eligible Indi-
vidual to enroll in coverage under a plan
that is different than the coverage in which
the individual was enrolled at the time of
the qualifying event pursuant to § 9501(a)
(1)(B) of the ARP.)

Bulletin No. 2021–23 1187 June 7, 2021
Q-70. How is the premium assistance
credit calculated for an individual cover-
age health HRA?
A-70. The credit for an individual cov-
erage HRA is limited to 102 percent of the
amount actually reimbursed with respect
to an Assistance Eligible Individual.
Example: An individual coverage HRA provides
a monthly benefit of the lesser of the premium for
the individual health insurance coverage purchased
by the employee or $1,000 and charges the maxi-
mum allowable administrative fee for COBRA con-
tinuation coverage, for a total maximum COBRA
premium of $1,020. Individual A and Individual B
are Assistance Eligible Individuals and are enrolled
in COBRA continuation coverage. For April 2021,
Individual A is reimbursed for a premium payment
for individual health insurance coverage of $900;
Individual B is reimbursed for $1,000 of a $2,000
premium payment for individual health insurance
coverage. The credit for April is $918 with respect to
Individual A and $1,020 with respect to Individual B.
CLAIMING THE COBRA PREMIUM
ASSISTANCE CREDIT
Q-71. Who is eligible for the premium
assistance credit under § 6432(a) of the
Code?
A-71. Under § 6432(a) of the Code, the
premium payee for continuation coverage
under § 9501(a)(1) of the ARP is eligible
for the credit.
Q-72. Who is the premium payee under
§ 9501(a)(1) of the ARP?
A-72. The premium payee is:
(1) The multiemployer plan, in the case
of a group health plan that is a multi-
employer plan (as defined in § 3(37)
of ERISA);
(2) The common law employer main-
taining the plan, in the case of a
group health plan, other than a mul-
tiemployer plan, that is (a) subject to
Federal COBRA, or (b) under which
some or all of the coverage is not pro-
vided by insurance (that is, a plan that
is self-funded, in whole or in part);
(3) The insurer providing the coverage,
in the case of any other group health
plan not described in (1) or (2) (gen-
erally, fully insured coverage subject
to State continuation coverage re-
quirements).
Q-73. May a governmental entity be a
premium payee, and therefore eligible for
the premium assistance credit?
A-73. Yes. A premium payee may in-
clude the government of any State or po-
litical subdivision thereof, any Indian trib-
al government (as defined in § 139E(c)
(1)), any agency or instrumentality of any
of the foregoing, and any agency or instru-
mentality of the Government of the Unit-
ed States that is described in § 501(c)(1)
and exempt from taxation under § 501(a).
Q-74. When does the premium payee
become entitled to the premium assistance
credit?
A-74. As of the date on which the pre-
mium payee receives the potential Assis-
tance Eligible Individual’s election of CO-
BRA continuation coverage, the premium
payee is entitled to the credit for premi-
ums not paid by an Assistance Eligible
Individual by reason of § 9501(a)(1) for
any periods of coverage that began before
that date.
8
The premium payee is entitled
to the credit for the premiums not paid by
an Assistance Eligible Individual for each
subsequent period of coverage as of the
beginning of each period of coverage that
the individual does not pay the premiums
by reason of § 9501(a)(1) in accordance
with the individual’s election, without re-
gard to when the premium payee could
have required the payment of any premi-
um. (See Q&A-86 for information regard-
ing entitlement to the credit if an Assis-
tance Eligible Individual erroneously pays
the premium.)
Example: A premium payee’s COBRA period
of coverage is a calendar month with COBRA pre-
mium payments due on the tenth day of each calen-
dar month. The premium payee pays its employees
semi-monthly, with payroll periods ending on the
fifteenth of the month and the last day of the month.
On June 17, 2021, the premium payee receives a CO-
BRA election from a potential Assistance Eligible
Individual who elects COBRA continuation cover-
age as of April 1, 2021. The premium payee is enti-
tled to a credit as of June 17, 2021, for the premiums
not paid by the Assistance Eligible Individual for the
periods of coverage April 1, 2021, through April 30,
2021, May 1, 2021, through May 31, 2021, and June
1, 2021, through June 30, 2021. Assuming the Assis-
tance Eligible Individual does not notify the premi-
um payee that the Assistance Eligible Individual is
no longer eligible for COBRA premium assistance
(and the premium payee does not otherwise become
aware that the Assistance Eligible Individual is inel-
igible), the premium payee becomes entitled to the
credit as of July 1, 2021, for the premiums not paid
by the Assistance Eligible Individual for the period
of coverage of July 1, 2021, through July 31, 2021.
(Assuming the facts remain as stated, the premium
payee would be entitled to the credit on (i) August 1,
2021, for the period of coverage of August 1, 2021,
through August 31, 2021, and (ii) September 1, 2021,
for the period of coverage of September 1, 2021,
through September 30, 2021.)
Q-75. How does a premium payee
claim the premium assistance credit?
A-75. A premium payee claims the
credit by reporting the credit (both the
nonrefundable and refundable portions of
the credit, as applicable) and the number
of individuals receiving COBRA premium
assistance on the designated lines of its
federal employment tax return(s), usually
Form 941, Employer’s Quarterly Federal
Tax Return.
In anticipation of receiving the credit
to which it is entitled, the premium pay-
ee may (1) reduce the deposits of fed-
eral employment taxes, including with-
held taxes, that it would otherwise be
required to deposit, up to the amount of
the anticipated credit, and (2) request an
advance of the amount of the anticipated
credit that exceeds the federal employ-
ment tax deposits available for reduction
by filing Form 7200, Advance Payment
of Employer Credits Due to COVID-19.
See Notice 2021-24 for more informa-
tion regarding the reduction in deposits
for the credit and other employment tax
credits.
Example 1: Under the facts in the Example in
Q&A-74, the premium payee should report the credit
for April through June 2021 on the Form 941 for the
second quarter of 2021.
Example 2: Same facts as in the Example in
Q&A-74, except that the premium payee receives
a COBRA election from an Assistance Eligible In-
dividual on July 17, 2021, and the individual elects
COBRA continuation coverage as of June 1, 2021.
The premium payee becomes entitled to a corre-
sponding credit as of July 17, 2021, for the premiums
not paid by the Assistance Eligible Individual for
the periods of coverage of (1) June 1 through June
30, 2021, and (2) July 1 through July 31, 2021. The
premium payee should report the total credit on the
Form 941 for the third quarter of 2021, including the
credit for the periods of coverage from June 1, 2021
through June 30, 2021.
Q-76. When may a premium payee re-
duce its deposits of federal employment
taxes and, if applicable, file Form 7200 to
request an advance of the anticipated pre-
mium assistance credit that exceeds the
federal employment tax deposits available
for reduction for a quarter?
8
A period of coverage is defined under § 9501(a)(9)(H) as a monthly or a shorter period with respect to which premiums are charged by the plan or issuer.

June 7, 2021 1188 Bulletin No. 2021–23
A-76. A premium payee may reduce its
deposits of federal employment taxes in
anticipation of the credit to which the pre-
mium payee has become entitled with re-
gard to a period of coverage as of the date
the premium payee is entitled to the credit
as described in Q&A-74. If the anticipat-
ed credit exceeds the federal employment
tax deposits available for reduction, the
premium payee may file Form 7200 to
request an advance payment of the credit.
The Form 7200 may be filed after the end
of the payroll period in which the premi-
um payee became entitled to the credit.
Deposits may not be reduced, and ad-
vances may not be requested, for a credit
for a period of coverage that has not be-
gun. Form 7200 must be filed before the
earlier of (1) the day the employment tax
return for the quarter in which the premi-
um payee is entitled to the credit is filed,
or (2) the last day of the month following
that quarter. The premium payee entitled
to the credit should also report any ad-
vance payments received in anticipation
of the credit for the quarter on the employ-
ment tax return.
Example: Same facts as in the Example in Q&A-
74. The premium payee may reduce its federal em-
ployment tax deposits as of June 17, 2021, the date
the Assistance Eligible Individual elected COBRA
continuation coverage, in anticipation of the credit to
which the premium payee has become entitled. How-
ever, if the credit exceeds the available reduction in
deposits, the premium payee may file Form 7200 to
request an advance for the remaining credit after the
end of the semi-monthly payroll period in which the
premium payee became entitled to the credit. Thus,
because the Assistance Eligible Individual elected
COBRA continuation coverage on June 17, 2021,
the premium payee may seek an advance beginning
on July 1, 2021, the day after the end of the payroll
period of June 16 through June 30, 2021.
Assuming the Assistance Eligible Indi-
vidual did not notify the premium payee
that the Assistance Eligible Individual is
no longer eligible for COBRA continua-
tion coverage (and the premium payee did
not otherwise become aware of the Assis-
tance Eligible Individual’s ineligibility),
the premium payee becomes entitled to
an additional credit as of July 1, 2021, for
the premiums not paid by the Assistance
Eligible Individual for the period of cov-
erage of July 1 through July 30, 2021. The
premium payee may reduce its federal
employment deposits as of July 1, 2021,
in anticipation of the credit to which the
premium payee has become entitled. If
the anticipated credit exceeds the feder-
al employment tax deposits available for
reduction, the premium payee may file
Form 7200 to request an advance for the
remaining credit. However, because the
semi-monthly payroll period in which the
premium payee becomes entitled to the
credit does not end until July 15, the pre-
mium payee may not seek an advance for
the credit until July 16, 2021, even though
it may reduce deposits on July 1, 2021, the
day the premium payee is entitled to the
credit.
Q-77. How is the premium assistance
credit claimed if the premium payee does
not have any employment tax liability, for
example, in the case of a multiemployer
plan with no employees?
A-77. If the premium payee entitled
to claim the credit does not have any em-
ployment tax liability, the premium pay-
ee should claim the credit on the Form
941 for the quarter in which the premi-
um payee becomes entitled to the credit.
The premium payee entitled to the credit
should also report any advance payments
received in anticipation of the credit on
the same Form 941. The premium payee
should enter zero on all remaining non-ap-
plicable lines so that the overpayment
amount on the Form 941 is the amount of
the credit reduced by any advance pay-
ment received.
Q-78. If an Assistance Eligible Individ-
ual receiving COBRA premium assistance
fails to provide notice of the individual’s
eligibility for coverage under any other
disqualifying group health plan or Medi-
care and continues receiving COBRA
premium assistance, is the premium pay-
ee required to refund to the IRS the pre-
mium assistance credit arising from the
period after the individual’s eligibility for
COBRA premium assistance ended due to
eligibility for the other coverage?
A-78. No. If an Assistance Eligible
Individual fails to provide notice that the
individual is no longer eligible for the
COBRA premium assistance due to eligi-
bility for other disqualifying group health
plan coverage or Medicare, the premium
payee is still entitled to the credit received
for that period of ineligibility, unless the
premium payee knew of the individual’s
eligibility for the other coverage. If the
premium payee learns that the individual
is eligible for other coverage (and thus of
the individual’s ineligibility for COBRA
premium assistance), the premium payee
is not entitled to the credit from that point
forward.
Q-79. Is the premium assistance credit
included in gross income?
A-79. Yes. Under § 6432(e), the gross
income of any premium payee allowed a
credit is increased by the amount of the
credit for the taxable year which includes
the last day of any quarter with respect to
which the credit is allowed.
Q-80. May a premium payee claim the
premium assistance credit with respect
to amounts that are taken into account
as qualified wages under § 2301 of the
CARES Act or § 3134 of the Code, or
as qualified health plan expenses under
§§ 7001(d) or 7003(d) of the FFCRA or
§§ 3131 or 3132 of the Code?
A-80. No. Under § 6432(e), a premium
payee may not claim a double benefit with
respect to these amounts.
Q-81. May a premium payee that uses
a third-party payer to report and pay em-
ployment taxes to the IRS receive the pre-
mium assistance credit?
A-81. Yes. The premium payee is en-
titled to the credit, regardless of whether
it uses a third-party payer (such as a re-
porting agent, payroll service provid-
er, professional employer organization
(PEO), certified professional employer
organization (CPEO), or § 3504 agent)
to report and pay its federal employment
taxes. Thus, unless the third-party payer is
treated as the premium payee for purpos-
es of the credit in accordance with Q&A-
82, the third-party payer is not entitled to
the credit, regardless of whether the third
party is considered an “employer” for
other purposes of the Code. However, the
third-party payer may report the credit on
behalf of a client that is the premium pay-
ee with respect to any federal employment
taxes it reports and pays on the premium
payee’s behalf. Different rules apply de-
pending on the type of third-party payer
the premium payee uses, as follows.
If a premium payee uses a reporting
agent to file its federal employment tax re-
turns, the reporting agent will need to re-
flect the credit on the federal employment
tax returns it files on behalf of the premium
payee. If a premium payee uses a CPEO or
a § 3504 agent that received its designa-
tion as an agent by submitting Form 2678,
Employer/Payer Appointment of Agent, to

Bulletin No. 2021–23 1189 June 7, 2021
report its federal employment taxes on an
aggregate Form 941, the CPEO or § 3504
agent will report the credit on its aggre-
gate Form 941 and Schedule R, Allocation
Schedule for Aggregate Form 941 Filers.
If a premium payee uses a non-certified
PEO or other third-party payer (other than
a CPEO or § 3504 agent that submitted
Form 2678) that reports and pays the pre-
mium payee’s federal employment taxes
under the third-party payer’s Employer
Identification Number (EIN), the PEO or
other third-party payer will need to report
the credit on an aggregate Form 941 and
separately report the credit allocable to the
premium payees for which it is filing the
aggregate Form 941 on an accompanying
Schedule R.
A premium payee that uses a third-par-
ty payer to report and pay employment
taxes to the IRS must nonetheless submit
its own Form 7200 to request any advance
payment of the credit. The premium payee
will need to provide a copy of the Form
7200 to the CPEO, § 3504 agent, or oth-
er third-party payer that reports and pays
the premium payee’s federal employment
taxes under the third-party payer’s EIN, so
the third-party payer can properly report
the credit on the employment tax return.
Q-82. May a third-party payer (such as
a PEO, CPEO, or § 3504 agent) be treated
as a premium payee for purposes of claim-
ing the premium assistance credit?
A-82. Yes, but only under certain cir-
cumstances. A third-party payer is treated
as the premium payee for purposes of the
credit if the third-party payer: (i) main-
tains the group health plan, (ii) is consid-
ered the sponsor of the group health plan
and is subject to the applicable DOL CO-
BRA guidance, including providing the
COBRA election notices to qualified ben-
eficiaries, and (iii) would have received
the COBRA premium payments directly
from the Assistance Eligible Individuals
were it not for the COBRA premium assis-
tance (the TPP Plan Administrator). In this
case, the third-party payer’s client is not
treated as a premium payee and is, there-
fore, not eligible for the credit. However,
in circumstances in which a third-party
payer files an aggregate employment tax
return to report and pay employment taxes
for individuals who are common law em-
ployees of the third-party payer’s clients,
and the conditions set forth in (i) through
(iii) above are not satisfied, the third-party
payer is not treated as the premium payee
and may claim the credit only on behalf of
its clients (See Q&A-81).
As the premium payee, the TPP Plan
Administrator claims the credit on the
applicable lines on Form 941 and, if the
TPP Plan Administrator otherwise has to
complete Schedule R, the TPP Plan Ad-
ministrator would report the credit that
it is claiming in that capacity on line 8
of the Schedule R, rather than separate-
ly with respect to each client for which
it was acting as TPP Plan Administrator.
(If the third-party payer was not a TPP
Plan Administrator for all of its clients,
the third-party payer may also claim the
credit on behalf of its clients that are pre-
mium payees, but would be required to
separately report the credit with respect
to each of those premium payee clients on
Schedule R.)
TPP Plan Administrators may reduce
the deposits of federal employment taxes
relating to their own employees (that is,
those employees for whom they are fil-
ing as the common law employer rather
than as a third-party payer) in anticipa-
tion of the credit in accordance with the
procedures described in Q&A-76. If the
anticipated credit exceeds the available
reduction of these deposits, the TPP Plan
Administrator may file Form 7200 to re-
quest an advance payment of the credit in
accordance with the procedures described
in Q&A-76.
The TPP Plan Administrator is subject
to § 6432(e) and must, correspondingly,
increase its gross income for the taxable
year that includes the last day of any cal-
endar quarter with respect to which the
credit is allowed to the TPP plan admin-
istrator. The TPP Plan Administrator is
not allowed a credit with respect to any
amount that is taken into account (by any
person, including a client for whom it files
returns as a third-party payer) as quali-
fied wages under § 2301 of the CARES
Act or § 3134 of the Code, or as qualified
health plan expenses under §§ 7001(d)
or 7003(d) of the FFCRA, or §§ 3131 or
3132 of the Code.
Example: A third-party payer maintains and is
the sponsor of a group health plan on behalf of all
of its clients. Due to the nature of the arrangement
with each client, the third-party payer is responsible
for providing its clients’ covered employees with the
COBRA election notices, and the third-party payer
requires individuals enrolled in COBRA continua-
tion coverage to pay the COBRA premiums directly
to the third-party payer. Consequently, this third-par-
ty payer is treated as a TPP Plan Administrator and
is the premium payee that is entitled to any credit.
The plan’s COBRA period of coverage
is a calendar month with COBRA premium
payments due on the first day of each cal-
endar month. The TPP Plan Administrator
pays its own employees that perform ser-
vices for the TPP Plan Administrator on a
semi-monthly basis, with payroll periods
ending on the fifteenth of the month and
the last day of the month, respectively. On
June 17, 2021, the TPP Plan Administrator
receives a COBRA election from a client’s
potential Assistance Eligible Individual
who elects COBRA continuation cov-
erage as of April 1, 2021. The TPP Plan
Administrator is entitled to a credit as of
June 17, 2021, for the premiums not paid
by the Assistance Eligible Individual for
the periods of coverage of April 1 through
April 30, 2021, May 1 through May 31,
2021, and June 1 through June 31, 2021.
Assuming the Assistance Eligible Indi-
vidual does not notify the TPP Plan Ad-
ministrator that the individual is no longer
eligible for COBRA premium assistance
(and the TPP Plan Administrator does not
otherwise become aware that the Assis-
tance Eligible Individual is ineligible), the
TPP Plan Administrator becomes entitled
to the credit as of July 1, 2021, for the pre-
miums not paid by the Assistance Eligible
Individual for the period of coverage of
July 1 through July 30, 2021. (Assuming
the facts continue as stated, the TPP Plan
Administrator would be entitled to the
credit on (i) August 1, 2021, for the period
of coverage of August 1 through August
31, 2021, and (ii) September 1, 2021, for
the period of coverage of September 1
through September 30, 2021.)
Q-83. What information must a
third-party payer obtain from its clients
that are premium payees to claim the pre-
mium assistance credit on their behalf?
A-83. If a third-party payer (such as
a CPEO, PEO, or other § 3504 agent) is
claiming the credit on behalf of a client
that is a premium payee, it must obtain
from the premium payee any information
that would have been necessary for the
premium payee to accurately claim the
credit on its own behalf.
Q-84. Must a premium payee or a
third-party payer claiming the premium

June 7, 2021 1190 Bulletin No. 2021–23
assistance credit on behalf of a premium
payee maintain records to substantiate eli-
gibility for the credit?
A-84. Yes. Records substantiating
the premium payee’s eligibility for the
credit must be maintained, either by the
third-party payer or the premium payee.
A premium payee, or a third-party payer
that is claiming the credit on behalf of a
client that is a premium payee, must, at
the IRS’s request, provide to the IRS re-
cords that substantiate eligibility for the
credit, including documentation demon-
strating that individuals were eligible for
the COBRA premium assistance. The
premium payee and the third-party pay-
er will be liable for employment taxes
that are due as a result of any improper
claim of premium assistance credits in
accordance with their liability under the
Code and applicable regulations for the
employment taxes reported on the fed-
eral employment tax return filed by the
third-party payer on which the credits
were claimed.
Q-85. If an Assistance Eligible Individ-
ual pays premiums for which the individu-
al should have received COBRA premium
assistance under § 9501(a)(1)(A), and the
premium payee reimburses the Assistance
Eligible Individual for that amount, when
is the premium payee entitled to the pre-
mium assistance credit with respect to the
reimbursement?
A-85. The premium payee is entitled to
the credit on the date the premium payee
reimburses the Assistance Eligible Indi-
vidual for the premium amounts for which
the individual should have received CO-
BRA premium assistance.
Q-86. If a third party (such as a chari-
ty) paid premium charges on behalf of an
Assistance Eligible Individual for which
the individual should have received CO-
BRA premium assistance, should the pre-
mium payee reimburse the third party or
the Assistance Eligible Individual for the
premium amounts for which the individu-
al should have received COBRA premium
assistance?
A-86. The premium payee is responsi-
ble for ensuring that reimbursements are
made and should reimburse the Assistance
Eligible Individual, unless the premium
payee is aware that the individual has as-
signed the right to the reimbursed premi-
um payments to the third party.
ADDITIONAL ISSUES
The Treasury Department and the IRS
are aware of certain additional issues re-
lated to the COBRA premium assistance
provisions in the ARP that are not ad-
dressed in this notice, in particular as not-
ed in Q&A-62. The Treasury Department
and the IRS are continuing to consider
these issues and the possibility of issuing
guidance with respect to them.
DRAFTING INFORMATION
The principal author of this notice is
Jason Sandoval of the Office of Associ-
ate Chief Counsel (Employee Benefits,
Exempt Organizations, and Employment
Taxes), and other Treasury Department
and IRS officials participated in its de-
velopment. For further information on
the provisions of this notice, contact Ja-
son Sandoval at (202) 317-5500 (not a
toll-free number). For further information
on topics addressed in the section of this
notice titled Claiming the COBRA Pre-
mium Assistance Credit, contact Mikhail
Zhidkov at (202) 317-4774 (not a toll-free
number).
Update for Weighted
Average Interest Rates,
Yield Curves, and Segment
Rates
Notice 2021-33
This notice provides guidance on the
corporate bond monthly yield curve, the
corresponding spot segment rates used
under § 417(e)(3), and the 24-month aver-
age segment rates under § 430(h)(2) of the
Internal Revenue Code. In addition, this
notice provides guidance as to the interest
rate on 30-year Treasury securities under
§ 417(e)(3)(A)(ii)(II) as in effect for plan
years beginning before 2008 and the 30-
year Treasury weighted average rate under
§ 431(c)(6)(E)(ii)(I).
In addition to providing these rates
for current periods, this notice provides
24-month average segment rates for earli-
er periods for plan years beginning in 2020
and 2021, determined under § 430(h)(2)
(C)(iv) of the Code reflecting the modifi-
cations made by § 9706(a) of the Amer-
ican Rescue Plan Act of 2021, Pub. L.
No. 117-2 (ARP), which was enacted on
March 11, 2021.
YIELD CURVE AND SEGMENT
RATES
Section 430 specifies the minimum
funding requirements that apply to sin-
gle-employer plans (except for CSEC
plans under § 414(y)) pursuant to § 412.
Section 430(h)(2) specifies the inter-
est rates that must be used to determine
a plan’s target normal cost and funding
target. Under this provision, present val-
ue is generally determined using three
24-month average interest rates (“seg-
ment rates”), each of which applies to
cash flows during specified periods. To
the extent provided under § 430(h)(2)
(C)(iv), these segment rates are adjusted
by the applicable percentage of the 25-
year average segment rates for the period
ending September 30 of the year preced-
ing the calendar year in which the plan
year begins.
1
However, an election may
be made under § 430(h)(2)(D)(ii) to use
the monthly yield curve in place of the
segment rates.
Notice 2007-81, 2007-44 I.R.B. 899,
provides guidelines for determining the
monthly corporate bond yield curve, and
the 24-month average corporate bond
segment rates used to compute the tar-
get normal cost and the funding target.
Consistent with the methodology spec-
ified in Notice 2007-81, the monthly
corporate bond yield curve derived from
April 2021 data is in Table 2021-4 at the
end of this notice. The spot first, second,
and third segment rates for the month of
April2021 are, respectively, 0.67, 2.84,
and 3.47.
1
Pursuant to § 433(h)(3)(A), the 3
rd
segment rate determined under § 430(h)(2)(C) is used to determine the current liability of a CSEC plan (which is used to calculate the minimum amount
of the full funding limitation under § 433(c)(7)(C)).

Bulletin No. 2021–23 1191 June 7, 2021
The 24-month average segment rates
determined under § 430(h)(2)(C)(i)
through (iii) must be adjusted pursuant to
§ 430(h)(2)(C)(iv) to be within the appli-
cable minimum and maximum percentag-
es of the corresponding 25-year average
segment rates.
The 25-year average segment rates for
plan years beginning in 2020 and 2021
were published Notice 2019-51, 2019-41
I.R.B. 866, and Notice 2020-72, 2020-40
I.R.B. 789, respectively.
24-MONTH AVERAGE CORPORATE
BOND SEGMENT RATES
The three 24-month average corpo-
rate bond segment rates applicable for
May2021 without adjustment for the 25-
year average segment rate limits are as
follows:
24-Month Average Segment Rates Without 25-Year Average Adjustment
Applicable Month First Segment Second Segment Third Segment
May 2021 1.36 2.80 3.49
25-YEAR AVERAGE SEGMENT
RATES
Section 9706(a) of ARP changes the
25-year average segment rates and the
applicable minimum and maximum per-
centages used under § 430(h)(3)(C)(iv) of
the Code to adjust the 24-month average
segment rates. Prior to this change, the ap-
plicable minimum and maximum percent-
ages were 90% and 110% for a plan year
beginning in 2020, and 85% and 115% for
a plan year beginning in 2021, respective-
ly. After this change, the applicable mini-
mum and maximum percentages are 95%
and 105% for a plan year beginning in
2020 or 2021. In addition, pursuant to this
change, any 25-year average segment rate
that is less than 5% is deemed to be 5%.
2
Pursuant to § 9706(c)(1) of ARP, these
changes apply with respect to plan years
beginning on or after January 1, 2020.
However, § 9706(c)(2) of ARP provides
that a plan sponsor may elect not to have
these changes apply to any plan year be-
ginning before January 1, 2022.
3
The adjusted 24-month average seg-
ment rates set forth in the chart below
reflect § 430(h)(2)(C)(iv) of the Code
as amended by § 9706(a) of ARP. These
adjusted 24-month average segment
rates apply only for plan years for which
an election under § 9706(c)(2) of ARP is
not in effect. For a plan year for which
such an election does not apply, the
24-month averages applicable for May
2021, adjusted to be within the appli-
cable minimum and maximum percent-
ages of the corresponding 25-year av-
erage segment rates in accordance with
§ 430(h)(2)(C)(iv) of the Code, are as
follows:
Adjusted 24-Month Average Segment Rates
For Plan Years
Beginning In
Applicable
Month
First
Segment
Second
Segment
Third
Segment
2020May 20214.755.506.27
2021May 20214.755.366.11
The adjusted 24-month average seg-
ment rates set forth in the chart below do
not reflect the changes to § 430(h)(2)(C)
(iv) of the Code made by § 9706(a) of
ARP. These adjusted 24-month average
segment rates apply only for plan years for
which an election under § 9706(c)(2) of
ARP is in effect. For a plan year for which
such an election applies, the 24-month av-
erages applicable for May 2021, adjusted
to be within the applicable minimum and
maximum percentages of the correspond-
ing 25-year average segment rates in ac-
cordance with § 430(h)(2)(C)(iv) of the
Code, are as follows:
Pre-ARP Adjusted 24-Month Average Segment Rates
For Plan Years
Beginning In
Applicable
Month
First
Segment
Second
Segment
Third
Segment
2020May 20213.645.215.94
2021May 20213.324.795.47
2
Pursuant to this change, the 25-year averages of the first segment rate for 2020 and 2021 are increased to 5.00% because those 25-year averages as originally published are below 5.00%.
3
This election may be made either for all purposes for which the amendments under § 9706 of ARP apply or solely for purposes of determining the adjusted funding target attainment per-
centage under § 436 of the Code for the plan year.

June 7, 2021 1192 Bulletin No. 2021–23
30-YEAR TREASURY SECURITIES
INTEREST RATES
Section 431 specifies the minimum
funding requirements that apply to multi-
employer plans pursuant to § 412. Section
431(c)(6)(B) specifies a minimum amount
for the full-funding limitation described in
§ 431(c)(6)(A), based on the plan’s current
liability. Section 431(c)(6)(E)(ii)(I) pro-
vides that the interest rate used to calculate
current liability for this purpose must be
no more than 5 percent above and no more
than 10 percent below the weighted aver-
age of the rates of interest on 30-year Trea-
sury securities during the four-year period
ending on the last day before the beginning
of the plan year. Notice 88-73, 1988-2 C.B.
383, provides guidelines for determining
the weighted average interest rate. The rate
of interest on 30-year Treasury securities
for April2021 is 2.30 percent. The Service
determined this rate as the average of the
daily determinations of yield on the 30-year
Treasury bond maturing in February 2051.
For plan years beginning in May2021, the
weighted average of the rates of interest on
30-year Treasury securities and the permis-
sible range of rates used to calculate current
liability are as follows:
Treasury Weighted Average Rates
For Plan Years
Beginning In
30-Year Treasury
Weighted Average
Permissible Range
90% to 105%
May 20212.242.01 to 2.35
MINIMUM PRESENT VALUE
SEGMENT RATES
In general, the applicable interest rates
under § 417(e)(3)(D) are segment rates
computed without regard to a 24-month
average. Notice 2007-81 provides guide-
lines for determining the minimum pres-
ent value segment rates. Pursuant to that
notice, the minimum present value seg-
ment rates determined for April2021 are
as follows:
Minimum Present Value Segment Rates
Month First Segment Second Segment Third Segment
April 2021 0.67 2.84 3.47
DRAFTING INFORMATION
The principal author of this notice
isTom Morgan of the Office of the Asso-
ciate Chief Counsel (Employee Benefits,
Exempt Organizations, and Employment
Taxes). However, other personnel from
the IRS participated in the development
of this guidance. For further information
regarding this notice, contact Mr. Morgan
at 202-317-6700 or Paul Stern at 202-317-
8702 (not toll-free numbers).

Bulletin No. 2021–23 1193 June 7, 2021
Table 2021-4
Monthly Yield Curve for April2021
Derived from April 2021 Data
MaturityYieldMaturityYieldMaturityYieldMaturityYieldMaturityYield
0.50.1820.53.3740.53.4860.53.5380.53.55
1.00.2421.03.3841.03.4861.03.5381.03.55
1.50.3121.53.3841.53.4861.53.5381.53.55
2.00.4122.03.3942.03.4962.03.5382.03.55
2.50.5322.53.3942.53.4962.53.5382.53.55
3.00.6823.03.3943.03.4963.03.5383.03.55
3.50.8323.53.3943.53.4963.53.5383.53.55
4.00.9924.03.4044.03.4964.03.5384.03.55
4.51.1624.53.4044.53.4964.53.5384.53.55
5.01.3225.03.4045.03.4965.03.5385.03.55
5.51.4925.53.4145.53.5065.53.5385.53.55
6.01.6526.03.4146.03.5066.03.5386.03.55
6.51.8126.53.4146.53.5066.53.5386.53.55
7.01.9627.03.4147.03.5067.03.5487.03.55
7.52.1127.53.4247.53.5067.53.5487.53.55
8.02.2428.03.4248.03.5068.03.5488.03.55
8.52.3728.53.4248.53.5068.53.5488.53.55
9.02.4929.03.4349.03.5069.03.5489.03.56
9.52.6029.53.4349.53.5169.53.5489.53.56
10.02.7030.03.4350.03.5170.03.5490.03.56
10.52.7930.53.4450.53.5170.53.5490.53.56
11.02.8731.03.4451.03.5171.03.5491.03.56
11.52.9431.53.4451.53.5171.53.5491.53.56
12.03.0132.03.4552.03.5172.03.5492.03.56
12.53.0632.53.4552.53.5172.53.5492.53.56
13.03.1133.03.4553.03.5173.03.5493.03.56
13.53.1633.53.4553.53.5173.53.5493.53.56
14.03.1934.03.4654.03.5274.03.5494.03.56
14.53.2234.53.4654.53.5274.53.5494.53.56
15.03.2535.03.4655.03.5275.03.5495.03.56
15.53.2735.53.4655.53.5275.53.5495.53.56
16.03.2936.03.4656.03.5276.03.5496.03.56
16.53.3136.53.4756.53.5276.53.5596.53.56
17.03.3237.03.4757.03.5277.03.5597.03.56
17.53.3337.53.4757.53.5277.53.5597.53.56
18.03.3438.03.4758.03.5278.03.5598.03.56
18.53.3538.53.4758.53.5278.53.5598.53.56
19.03.3639.03.4859.03.5279.03.5599.03.56
19.53.3639.53.4859.53.5279.53.5599.53.56
20.03.3740.03.4860.03.5380.03.55100.03.56

June 7, 2021 1194 Bulletin No. 2021–23
Reference Price for Section
45I Credit for Production of
Natural Gas from Marginal
Wells During Taxable Years
Beginning in Calendar Year
2020
Notice 2021-34
SECTION 1. PURPOSE
This notice provides the applicable
reference price for qualified natural gas
production from qualified marginal wells
during taxable years beginning in cal-
endar year 2020 for the purpose of de-
termining the marginal well production
credit (MWC) under §45I of the Internal
Revenue Code. The applicable reference
price for taxable years beginning in cal-
endar year 2020 is $1.94 per 1,000 cubic
feet (Mcf).
This notice also provides the credit
amount used for the purpose of determin-
ing the MWC for taxable years beginning
in calendar year 2020. The credit amount
is determined using the 2020 inflation ad-
justment factor of 1.3245 and the applica-
ble reference price of $1.94 per Mcf. The
credit amount for taxable years beginning
in calendar year 2020 is $0.66 per Mcf.
SECTION 2. BACKGROUND
Section 45I(a), as it relates to qualified
natural gas production, provides that, for
purposes of § 38, the MWC for any tax-
able year is an amount equal to the prod-
uct of (1) the credit amount and (2) the
qualified natural gas production that is
attributable to the taxpayer.
Section 45I(c)(1) provides that “qual-
ified natural gas production” means do-
mestic natural gas produced from a qual-
ified marginal well. Section 45I(c)(3)(A)
provides that a qualified marginal well is
a domestic well (i) the production from
which during the taxable year is treated as
marginal production under § 613A(c)(6),
or (ii) which, during the taxable year (I)
has average production of not more than
25 barrel-of-oil equivalents per day, and
(II) produces water at a rate not less than
95 percent of total well effluent.
Section 613A(c)(6)(D) and (E) provide
that “marginal production” means domes-
tic natural gas produced during any tax-
able year from a property which is a strip-
per well property for the calendar year in
which the taxable year begins. A “stripper
well property” is, with respect to any cal-
endar year, any property producing not
more than 15 barrel equivalents per day,
determined by dividing the average daily
production of domestic crude oil and do-
mestic natural gas from producing wells
on the property for such calendar year by
the number of such wells.
Section 45I(c)(2)(A) provides that
generally only the first 1,095 barrels or
barrel-of-oil equivalents (as defined in
§ 45K(d)(5)) produced during the taxable
year qualify for the MWC. This limitation
is proportionately reduced in the case of a
short taxable year or in the case of a well
that is not capable of production each day
of a taxable year. See § 45I(c)(2)(B). The
number of wells on which a taxpayer may
claim the MWC is not limited.
Section 45I(d)(2) provides that to
claim the credit a taxpayer must hold an
operating interest in the qualified margin-
al well producing the natural gas to which
the credit relates. Under § 45I(d)(1) if a
well is owned by more than one owner
and the natural gas production exceeds the
limitation under § 45I(c)(2), the qualify-
ing natural gas production attributable to
the taxpayer is determined on the basis of
the ratio which taxpayer’s revenue interest
in the production bears to the aggregate of
the revenue interests of all operating in-
terest owners in the production. Finally,
§ 45I(d)(3) provides that the MWC is not
allowable if the taxpayer is also eligible to
claim the § 45K nonconventional sources
credit for the taxable year, unless the tax-
payer elects not to claim the credit under
§ 45K for the well.
For purposes of § 45I(a)(1), the credit
amount is 50 cents (adjusted for inflation)
per Mcf of qualified natural gas produc-
tion (tentative credit amount). See § 45I(b)
(1)(B) and (b)(2)(B).
Section 45I(b)(2)(A) and (B) provide
that the tentative credit amount (adjusted
for inflation) is reduced (but not below
zero) to the extent that the applicable
reference price exceeds $1.67 (adjusted
for inflation). More specifically, § 45I(b)
(2)(A) provides that the tentative credit
amount (adjusted for inflation) is reduced
by an amount which bears the same ratio
to the tentative credit amount (adjusted
for inflation) as the excess (if any) of the
applicable reference price over $1.67 (ad-
justed for inflation), bears to $0.33 (ad-
justed for inflation). As a result, the MWC
is not available if the applicable reference
price for qualified natural gas production
is $2.00 (adjusted for inflation) or more.
Section 45I(b)(2)(A) also provides that
the applicable reference price for a taxable
year is the reference price for the calendar
year preceding the calendar year in which
the taxable year begins. Section 45I(b)(2)
(C)(ii) provides that the term “reference
price” means, with respect to any calendar
year, in the case of qualified natural gas
production, the Secretary’s estimate of the
annual average wellhead price per Mcf for
all domestic natural gas.
Section 45I(b)(2)(B) provides that in
the case of any taxable year beginning in a
calendar year after 2005, each of the dol-
lar amounts contained in § 45I(b)(2)(A)
will be increased to an amount equal to
such dollar amount multiplied by the in-
flation adjustment factor for such calendar
year (determined under § 43(b)(3)(B) by
substituting “2004” for “1990”).
SECTION 3. INFLATION
ADJUSTMENT FACTOR AND
REFERENCE PRICE
.1 Inflation Adjustment. The inflation
adjustment factor under § 45I(b)(2)(B) for
calendar year 2020 is 1.3245.
.2 Reference Price. The Secretary’s
estimate of the calendar year 2019 an-
nual average wellhead price per Mcf for
all domestic natural gas under § 45I(b)
(2)(C)(ii) was calculated by applying
the Producer Price Index commodity in-
dex for “Natural Gas from the Wellhead”
(WPU053101051)
1
published by the Bu-
reau of Labor Statistics (BLS) as part of its
Producer Price Index program, to the 2018
annual average wellhead price ($2.55)
1
https://data.bls.gov/cgi-bin/srgate. The BLS publishes indexes and not actual or average prices.

Bulletin No. 2021–23 1195 June 7, 2021
published in Notice 2020-34, 2020-21
I.R.B. 838. The annual Producer Price
Index commodity index for natural gas
published by the BLS was 79.3 in 2018
and 60.4 in 2019, which implies a ratio of
2019 to 2018 average wellhead prices of
0.762 (60.4 / 79.3). Therefore, the Secre-
tary’s estimate of the calendar year 2019
annual average wellhead price per Mcf for
all domestic natural gas is $1.94 per Mcf
(0.762 x $2.55 per Mcf).
For years after 2019, the Secretary in-
tends to continue calculating the reference
price by application of the Producer Price
Index commodity index for “Natural Gas
from the Wellhead” (WPU053101051)
published by the BLS to the previous
year’s reference price.
SECTION 4. CALCULATION OF
CREDIT AMOUNT
Under § 45I(b)(1)(B) and (2)(B), the
tentative credit amount used to calculate
the MWC for taxable years beginning in
calendar year 2020 is 66 cents per Mcf
($0.50 x 1.3245 inflation adjustment fac-
tor). Because the applicable reference
price ($1.94) does not exceed $2.21 ($1.67
x 1.3245 inflation adjustment factor),
there is no reduction in the tentative credit
amount under § 45I(b)(2)(A). Therefore,
the credit amount used to calculate the
MWC for taxable years beginning in cal-
endar year 2020 is $0.66 per Mcf.
SECTION 5. EFFECTIVE DATE
This notice is effective for qualified
natural gas production during taxable
years beginning in calendar year 2020.
SECTION 6. DRAFTING AND
CONTACT INFORMATION
The principal author of this notice is
Charles Hyde of the Office of Associate
Chief Counsel (Passthroughs & Special
Industries). For further information re-
garding this notice contact Mr. Hyde at
(202) 317-6853 (not a toll-free number).

June 7, 2021 1196 Bulletin No. 2021–23
Part IV
U.S.-Switzerland Competent Authority Arrangement
Announcement 2021-11
The following is a copy of the Competent Authority Arrangement entered into by the competent authorities of the United States of
America and Switzerland under paragraph 3 of Article 25 (Mutual Agreement Procedure) regarding certain U.S. and Swiss pension
or other retirement arrangements, including individual retirement savings plans, that may be eligible for benefits under paragraph 3
of Article 10 (Dividends) of the Convention Between the United States of America and the Swiss Confederation for the Avoidance
of Double Taxation with Respect to Taxes on Income signed at Washington on October 2, 1996, as amended by the Protocol, signed
on September 23, 2009.
The text of the Competent Authority Arrangement is as follows:
COMPETENT AUTHORITY ARRANGEMENT
The competent authorities of the United States and Switzerland hereby enter into the following arrangement (Arrangement) regarding
certain U.S. and Swiss pension or other retirement arrangements, including individual retirement savings plans, that may be eligible
for benefits under paragraph 3 of Article 10 (Dividends) of the Convention Between the United States of America and the Swiss
Confederation for the Avoidance of Double Taxation with Respect to Taxes on Income signed at Washington on October 2, 1996,
as amended by the Protocol, signed on September 23, 2009 (Treaty). This Arrangement is entered into under paragraph 3 of Article
25 (Mutual Agreement Procedure) of the Treaty and supersedes the competent authority arrangement entered into on December 10,
2004, I.R.B. 2004-146.
1. New paragraph 3 of Article 10 (Dividends) of the Treaty
Article 1 of the Protocol deleted and replaced paragraph 3 of Article 10 (Dividends) to expand its scope from applying only to pension
and other retirement arrangements to also including individual retirement savings plans, provided that all other requirements of the
Treaty are satisfied. New paragraph 3 of Article 10 states:
Notwithstanding paragraph 2, dividends may not be taxed in the Contracting State of which the company paying the dividends
is a resident if the beneficial owner of the dividends is a pension or other retirement arrangement which is a resident of the other
Contracting State, or an individual retirement savings plan set up in, and owned by a resident of, the other Contracting State, and
the competent authorities of the Contracting States agree that the pension or retirement arrangement, or the individual retirement
savings plan, in a Contracting State generally corresponds to a pension or other retirement arrangement, or to an individual retire-
ment savings plan, recognized for tax purposes in the other Contracting State. This paragraph shall not apply if such pension or
retirement arrangement, or such individual retirement savings plan, controls the company paying the dividends.
2. Qualified U.S. pension or other retirement arrangements
The following arrangements are U.S. pension or other retirement arrangements that will qualify for benefits under Article 10(3) pro-
vided that they do not control the Swiss company paying the dividend and that they satisfy all additional applicable requirements set
forth in the Treaty, including Article 22 (Limitation on Benefits):
a) A trust providing pension or retirement benefits under a Code section 401(a) qualified pension plan (which includes a Code sec-
tion 401(k) plan) and a profit sharing or stock bonus plan;
b) A trust described in Code section 457(g) providing pension or retirement benefits under a Code section 457(b) plan;
c) A Code section 403(a) qualified annuity plan and a Code section 403(b) plan;
d) A group trust described in IRS Revenue Ruling 81-100 (as amended by IRS Revenue Ruling 2014-24 and IRS Revenue Ruling
2011-1), provided that it is operated exclusively or almost exclusively to earn income for the benefit of pension funds that are
themselves entitled to benefits under the Treaty as a resident of the United States;
e) The Thrift Savings Fund (Code section 7701(j)).

Bulletin No. 2021–23 1197 June 7, 2021
3. Qualified U.S. individual retirement savings plans
The following arrangements are U.S. individual retirement savings plan that will qualify for benefits under Article 10(3) provided
that they do not control the Swiss company paying the dividend and that they satisfy all additional applicable requirements set forth
in the Treaty, including Article 22:
a) A trust that is an individual retirement account under Code section 408;
b) A Roth individual retirement account under Code section 408A;
c) A simple retirement account under Code section 408(p); and
d) A trust providing pension or retirement benefits under a simplified employee pension plan under Code section 408(k).
4. Qualified Swiss pension or other retirement arrangements
The following arrangements are Swiss pension or other retirement arrangements that will qualify for benefits under Article 10(3)
provided that they do not control the U.S. company paying the dividend and that they satisfy all additional applicable requirements
set forth in the Treaty, including Article 22:
a) A Swiss resident pension or other retirement arrangement that has been established in accordance with the Federal Act on old
age, survivors’ and disabled persons’ insurance payable in respect of employment or self-employment of 25 June 1982, including
a retirement arrangement covered by:
i. the Federal Act on Vested Benefits of 17 December 1993;
ii. paragraph 6 and paragraph 7 of Article 89a of the Swiss Civil Code of 10 December 1907; and
iii. any arrangement covered by paragraph 1 of Article 331 of the Federal Act on the Amendment of the Swiss Civil Code (Part
Five: The Code of Obligations) of 30 March 1911.
5. Qualified Swiss individual retirement savings plans
The following arrangements are Swiss individual retirement savings plans that will qualify for benefits under Article 10(3) provided
that they do not control the U.S. company paying the dividend and that they satisfy all additional applicable requirements set forth in
the Treaty, including Article 22:
a) Any arrangement covered by the Federal Act on old age, survivors’ and disabled persons’ insurance payable in respect of em-
ployment or self-employment of 25 June 1982, including individual recognized pension plans comparable with occupational
pension plans.
6. Not an exclusive list; verification
The pension or other retirement arrangements and individual retirement savings plans described in paragraphs 2 through 5, above,
are not intended to be exclusive. Any U.S. or Swiss pension or other retirement arrangement, or individual retirement savings plan,
not mentioned above, including any such arrangement or plan established pursuant to legislation enacted after the date of signature
of this Arrangement may present its case to the U.S. and Swiss Competent Authorities pursuant to paragraph 3 of Article 25 (Mutual
Agreement Procedure) to determine whether it qualifies for benefits under paragraph 3 of Article 10, provided it has satisfied all ad-
ditional applicable requirements set forth in the Treaty, including Article 22.
7. Effective date
Upon signature by the U.S. and Swiss competent authorities, this Arrangement is effective for dividends paid on or after January 1,
2020, and supersedes the competent authority arrangement entered into on December 10, 2004, I.R.B. 2004-146.

June 7, 2021 1198 Bulletin No. 2021–23
Agreed to by the undersigned competent authorities:
___________________________ _________________________
Douglas W. O’Donnell Pascal Duss
United States Competent Authority State Secretariat for International
Financial Matters SIF
Date: _______________________ Date: _____________________
/s/
/s/
April 16, 2021
May 6, 2021

Bulletin No. 2021–23 i June 7, 2021
Definition of Terms
Revenue rulings and revenue procedures
(hereinafter referred to as “rulings”) that
have an effect on previous rulings use the
following defined terms to describe the
effect:
Amplified describes a situation where
no change is being made in a prior pub-
lished position, but the prior position is
being extended to apply to a variation of
the fact situation set forth therein. Thus, if
an earlier ruling held that a principle ap-
plied to A, and the new ruling holds that
the same principle also applies to B, the
earlier ruling is amplified. (Compare with
modified, below).
Clarified is used in those instances
where the language in a prior ruling is be-
ing made clear because the language has
caused, or may cause, some confusion. It
is not used where a position in a prior rul-
ing is being changed.
Distinguished describes a situation
where a ruling mentions a previously pub-
lished ruling and points out an essential
difference between them.
Modified is used where the substance
of a previously published position is being
changed. Thus, if a prior ruling held that a
principle applied to A but not to B, and the
new ruling holds that it applies to both A
and B, the prior ruling is modified because
it corrects a published position. (Compare
with amplified and clarified, above).
Obsoleted describes a previously pub-
lished ruling that is not considered deter-
minative with respect to future transactions.
This term is most commonly used in a ruling
that lists previously published rulings that
are obsoleted because of changes in laws or
regulations. A ruling may also be obsoleted
because the substance has been included in
regulations subsequently adopted.
Revoked describes situations where the
position in the previously published ruling
is not correct and the correct position is
being stated in a new ruling.
Superseded describes a situation where
the new ruling does nothing more than
restate the substance and situation of a
previously published ruling (or rulings).
Thus, the term is used to republish under
the 1986 Code and regulations the same
position published under the 1939 Code
and regulations. The term is also used
when it is desired to republish in a single
ruling a series of situations, names, etc.,
that were previously published over a
period of time in separate rulings. If the
new ruling does more than restate the sub-
stance of a prior ruling, a combination of
terms is used. For example, modified and
superseded describes a situation where the
substance of a previously published ruling
is being changed in part and is continued
without change in part and it is desired to
restate the valid portion of the previous-
ly published ruling in a new ruling that is
self contained. In this case, the previously
published ruling is first modified and then,
as modified, is superseded.
Supplemented is used in situations in
which a list, such as a list of the names of
countries, is published in a ruling and that
list is expanded by adding further names
in subsequent rulings. After the original
ruling has been supplemented several
times, a new ruling may be published that
includes the list in the original ruling and
the additions, and supersedes all prior rul-
ings in the series.
Suspended is used in rare situations to
show that the previous published rulings
will not be applied pending some future
action such as the issuance of new or
amended regulations, the outcome of cas-
es in litigation, or the outcome of a Ser-
vice study.
Abbreviations
The following abbreviations in current use
and formerly used will appear in material
published in the Bulletin.
A—Individual.
Acq.—Acquiescence.
B—Individual.
BE—Beneficiary.
BK—Bank.
B.T.A.—Board of Tax Appeals.
C—Individual.
C.B.—Cumulative Bulletin.
CFR—Code of Federal Regulations.
CI—City.
COOP—Cooperative.
Ct.D.—Court Decision.
CY—County.
D—Decedent.
DC—Dummy Corporation.
DE—Donee.
Del. Order—Delegation Order.
DISC—Domestic International Sales Corporation.
DR—Donor.
E—Estate.
EE—Employee.
E.O.—Executive Order.
ER—Employer.
ERISA—Employee Retirement Income Security Act.
EX—Executor.
F—Fiduciary.
FC—Foreign Country.
FICA—Federal Insurance Contributions Act.
FISC—Foreign International Sales Company.
FPH—Foreign Personal Holding Company.
F.R.—Federal Register.
FUTA—Federal Unemployment Tax Act.
FX—Foreign corporation.
G.C.M.—Chief Counsel’s Memorandum.
GE—Grantee.
GP—General Partner.
GR—Grantor.
IC—Insurance Company.
I.R.B.—Internal Revenue Bulletin.
LE—Lessee.
LP—Limited Partner.
LR—Lessor.
M—Minor.
Nonacq.—Nonacquiescence.
O—Organization.
P—Parent Corporation.
PHC—Personal Holding Company.
PO—Possession of the U.S.
PR—Partner.
PRS—Partnership.
PTE—Prohibited Transaction Exemption.
Pub. L.—Public Law.
REIT—Real Estate Investment Trust.
Rev. Proc.—Revenue Procedure.
Rev. Rul.—Revenue Ruling.
S—Subsidiary.
S.P.R.—Statement of Procedural Rules.
Stat.—Statutes at Large.
T—Target Corporation.
T.C.—Tax Court.
T.D.—Treasury Decision.
TFE—Transferee.
TFR—Transferor.
T.I.R.—Technical Information Release.
TP—Taxpayer.
TR—Trust.
TT—Trustee.
U.S.C.—United States Code.
X—Corporation.
Y—Corporation.
Z—Corporation.

June 7, 2021 ii Bulletin No. 2021–23
Numerical Finding List
1
Bulletin 2021–23
AOD:
2021-1, 2021-15 I.R.B. 985
2021-2, 2021-21 I.R.B. 1156
Announcements:
2021-01, 2021-04 I.R.B. 506
2021-02, 2021-08 I.R.B. 892
2021-03, 2021-08 I.R.B. 892
2021-04, 2021-09 I.R.B. 895
2021-05, 2021-13 I.R.B. 965
2021-06, 2021-15 I.R.B. 1011
2021-07, 2021-15 I.R.B. 1061
2021-08, 2021-18 I.R.B. 1146
2021-09, 2021-20 I.R.B. 1155
2021-10, 2021-22 I.R.B. 1170
2021-11, 2021-23 I.R.B. 1196
Notices:
2021-01, 2021-02 I.R.B. 315
2021-03, 2021-02 I.R.B. 316
2021-04, 2021-02 I.R.B. 319
2021-02, 2021-03 I.R.B. 478
2021-05, 2021-03 I.R.B. 479
2021-07, 2021-03 I.R.B. 482
2021-09, 2021-05 I.R.B. 678
2021-06, 2021-06 I.R.B. 822
2021-08, 2021-06 I.R.B. 823
2021-11, 2021-06 I.R.B. 827
2021-12, 2021-06 I.R.B. 828
2021-13, 2021-06 I.R.B. 832
2021-10, 2021-07 I.R.B. 888
2021-15, 2021-10 I.R.B. 898
2021-16, 2021-10 I.R.B. 907
2021-18, 2021-11 I.R.B. 911
2021-19, 2021-11 I.R.B. 920
2021-20, 2021-11 I.R.B. 922
2021-17, 2021-14 I.R.B. 984
2021-21, 2021-15 I.R.B. 986
2021-22, 2021-15 I.R.B. 987
2021-23, 2021-16 I.R.B. 1113
2021-25, 2021-17 I.R.B. 1118
2021-24, 2021-18 I.R.B. 1122
2021-27, 2021-18 I.R.B. 1125
2021-28, 2021-18 I.R.B. 1130
2021-29, 2021-19 I.R.B. 1149
2021-30, 2021-19 I.R.B. 1149
2021-26, 2021-21 I.R.B. 1157
2021-32, 2021-21 I.R.B. 1159
2021-31, 2021-23 I.R.B. 1173
2021-33, 2021-23 I.R.B. 1190
2021-34, 2021-23 I.R.B. 1194
Proposed Regulations:
REG-130081-19, 2021-02 I.R.B. 321
REG-114615-16, 2021-03 I.R.B. 489
REG-111950-20, 2021-05 I.R.B. 683
REG-115057-20, 2021-05 I.R.B. 714
REG-121095-19, 2021-18 I.R.B. 1131
Revenue Procedures:
2021-01, 2021-01 I.R.B. 1
2021-02, 2021-01 I.R.B. 116
2021-03, 2021-01 I.R.B. 140
2021-04, 2021-01 I.R.B. 157
2021-05, 2021-01 I.R.B. 250
2021-07, 2021-01 I.R.B. 290
2021-09, 2021-03 I.R.B. 485
2021-08, 2021-04 I.R.B. 502
2021-10, 2021-04 I.R.B. 503
2021-12, 2021-05 I.R.B. 681
2021-11, 2021-06 I.R.B. 833
2021-15, 2021-08 I.R.B. 891
2021-17, 2021-15 I.R.B. 991
2021-18, 2021-15 I.R.B. 1007
2021-19, 2021-15 I.R.B. 1008
2021-21, 2021-17 I.R.B. 1118
2021-20, 2021-19 I.R.B. 1150
2021-23, 2021-20 I.R.B. 1153
2021-25, 2021-21 I.R.B. 1161
2021-26, 2021-22 I.R.B. 1163
Revenue Rulings:
2021-01, 2021-02 I.R.B. 294
2021-02, 2021-04 I.R.B. 495
2021-03, 2021-05 I.R.B. 674
2021-04, 2021-06 I.R.B. 724
2021-05, 2021-10 I.R.B. 896
2021-06, 2021-12 I.R.B. 946
2021-07, 2021-14 I.R.B. 982
2021-08, 2021-18 I.R.B. 1120
2021-09, 2021-23 I.R.B. 1171
Treasury Decisions:
9925, 2021-02 I.R.B. 296
9940, 2021-02 I.R.B. 311
9932, 2021-03 I.R.B. 345
9939, 2021-03 I.R.B. 376
9941, 2021-03 I.R.B. 396
9942, 2021-03 I.R.B. 450
9937, 2021-04 I.R.B. 495
9936, 2021-05 I.R.B. 508
9943, 2021-05 I.R.B. 577
9945, 2021-05 I.R.B. 627
9946, 2021-06 I.R.B. 726
9947, 2021-06 I.R.B. 748
9948, 2021-06 I.R.B. 801
9938, 2021-07 I.R.B. 838
9944, 2021-16 I.R.B. 1062
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2020–27 through 2020–52 is in Internal Revenue Bulletin
2020–52, dated December 27, 2020.

Bulletin No. 2021–23 iii June 7, 2021
Finding List of Current Actions on
Previously Published Items
1
Bulletin 2021–23
1
A cumulative list of all revenue rulings, revenue procedures, Treasury decisions, etc., published in Internal Revenue Bulletins 2020–27 through 2020–52 is in Internal Revenue Bulletin
2020–52, dated December 27, 2020.

Internal Revenue Service
Washington, DC 20224
Official Business
Penalty for Private Use, $300
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