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 segment rates applicable for May 2021, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).

This notice provides guidance on issues relating to the application of § 9501 of the American Rescue Plan Act of 2021 (the ARP), which provides temporary premium assistance 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 reduction in hours or involuntary termination of employment. The ARP also allows certain individuals a second chance to elect COBRA continuation coverage with the subsidy beginning 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.

This notice provides the applicable reference price for qualified 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.

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.

(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7872.)

The Competent Authorities of the United States of America and Switzerland entered into a Competent Authority Arrangement under paragraph 3 of Article 25 (Mutual Agreement Procedure) listing U.S. and Swiss pension and retirement arrangements, which now include individual retirement plans, that may be eligible for an exemption from withholding on dividends under paragraph 3 of Article 10 (Dividends) provided that all other requirements of the Treaty are satisfied.