Omnibus Trade Act of 2010

[AI summary unavailable — showing source text] Omnibus Trade Act of 2010 - Amends the Trade and Globalization Adjustment Assistance Act of 2009 to extend trade adjustment assistance (TAA) programs until July 1, 2012. Extends TAA for firms and farmers through June 30, 2013. Amends the Internal Revenue Code (IRC) to extend the 80% tax credit for health insurance costs (including advance payments) for TAA recipients for eligible coverage months beginning before July 1, 2012. Makes TAA recipients who are not enrolled in a training program, or who are receiving unemployment compensation, eligible for such tax credit for the period between enactment of this Act and July 1, 2012. Amends the IRC, the Employee Retirement Income Security Act of 1974 (ERISA), and the Public Health Service Act (PHSA) to extend until July 1, 2012, the TAA pre-certification period rule disregarding any 63-day lapse in creditable health care coverage for TAA workers. Extends the continued eligibility for the credit for qualifying family members and certain qualified TAA-eligible individuals and Pension Benefit Guaranty Corporation (PBGC) recipients for COBRA premium assistance through June 30, 2012. Extends until July 1, 2012, coverage under an employee benef…