A draft of the 362-page Senate jobs bill (pdf) has been circulating among members of Congress this week. Although still a work in progress, the draft bill includes provisions providing for, among other things, unemployment benefits and COBRA health insurance premium extensions, tax incentives to promote hiring, spending programs on transportation initiatives, pension funding relief, and a tax proposal designed to raise revenue from foreign-held assets and trusts.

Specifically, the bill would extend the COBRA premium subsidy eligibility period until May 31, 2010, and create special rules in the event individuals lose coverage due to a reduction in hours, among other COBRA-related changes. The recently-expanded unemployment benefits, including increased payouts and longer duration of benefits, would be extended through May 31, 2010.

With respect to job promotion, the bill would provide employers with a $1,000 per employee tax credit for each new hire retained for at least a year. The bill also incorporates the job stimulation proposal introduced by Senators Chuck Schumer (D-NY) and Orrin Hatch (R-UT).  Their bill, the Hire Now Tax Cut Act of 2010 (S. 2983), would exempt any employer that hires a worker who has been without full-time work for at least 60 days from paying the employer’s share of Social Security taxes on that worker for 2010.

Senate Majority Leader Harry Reid (D-NV) had originally planned to introduce the jobs bill late last week in order to expedite a vote before the Presidents’ Day recess. The massive snowstorms that have hit the Washington, DC area since Friday have necessarily derailed those plans.

In December, the House of Representatives approved its version of a jobs bill, the Jobs for Main Street Act of 2010.  Like the draft Senate bill, the Jobs for Main Street Act contains COBRA subsidy and unemployment insurance extensions.

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