Omnibus Trade Act of 2010

Omnibus Trade Act of 2010 - Title I: Extension of Trade Adjustment Assistance and Health Coverage Improvement - Subtitle A: Extension of Trade Adjustment Assistance - (Sec. 101) Amends the Trade and Globalization Adjustment Assistance Act of 2009 to extend trade adjustment assistance (TAA) programs through February 12, 2011.

Requires funding levels for TAA programs under prior law to apply beginning February 13, 2011, as if the amendments made by this Act had never been enacted. Amends the Trade Act of 1974, however, to authorize appropriations through February 12, 2012 for: (1) TAA programs for workers, firms, and farmers; and (2) alternative TAA for older workers.

Limits for FY2010, and the six-week period January 1, 2011-February 12, 2011, the total amount of payments that may be made by the Secretary of Labor for training assistance for workers.

Authorizes appropriations for the reemployment TAA program through February 12, 2011.

Authorizes the Secretary for FY2010, and the six-week period January 1, 2011- February 12, 2011, to make certain TAA funds available for grants to assist eligible communities to develop strategic plans for their economic adjustment to the impact of trade .

Extends permanently certain reporting requirements under: (1) the Community College and Career Training Grant program, and (2) the Industry or Sector Partnership Grant program for communities impacted by trade.

Authorizes appropriations to the Secretary for FY2010, and the six-week period January 1, 2011-February 12, 2011, to carry out the Sector Partnership Grant program.

(Sec. 102) Extends the single transition deadline for implementing certain merit-based personnel staffing requirements for state administration of TAA to a date not earlier than February 12, 2011.

Subtitle B: Health Coverage Improvement - (Sec. 111) Amends the Internal Revenue Code (IRC) to extend through February 12, 2011, the 80% tax credit for health insurance costs (including advance payments) for TAA (as well as Pension Benefit Guaranty Corporation [PBGC] pension) recipients.

(Sec. 113) Makes TAA recipients who are in a break in training under a training program, or who are receiving unemployment compensation, eligible for such tax credit for the period through February 12, 2011.

(Sec. 114) Amends the IRC, the Employee Retirement Income Security Act of 1974 (ERISA), and the Public Health Service Act (PHSA) to extend through February 12, 2011, the TAA pre-certification period rule disregarding any 63-day lapse in creditable health care coverage for TAA workers.

(Sec. 115) Extends the continued eligibility for the credit for qualifying family members and certain qualified TAA-eligible individuals and PBGC pension recipients for COBRA premium assistance through February 12, 2011.

(Sec. 117) Extends through February 12, 2011, coverage under an employee benefit plan funded by a voluntary employees' beneficiary association established pursuant to an order of a bankruptcy court, or by agreement with an authorized representative.

Title II: Andean Trade Preferences Act - (Sec. 201) Amends the Andean Trade Preference Act (ATPA), as amended and expanded by Andean Trade Promotion and Drug Eradication Act (ATPDEA), to extend duty-free treatment or other preferential treatment of the products of Colombia and Ecuador through February 12, 2011.

Extends through FY2012 preferential treatment for apparel articles assembled in one or more ATPDEA beneficiary countries from regional fabrics or regional components, and specified other type apparel (brassieres).

Title III: Offsets - (Sec. 301) Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) to extend certain customs users fees for the processing of merchandise entered into the United States through January 7, 2020, and other specified customs users fees through January 14, 2020.

(Sec. 302) Amends the Hiring Incentives to Restore Employment Act to increase required estimated tax payments of corporations with at least $1 billion in assets in the third quarter of 2015 by 4.5% to 126.0% of such amount.

Title IV: Budgetary Effects - (Sec. 401) Declares that the budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled "Budgetary Effects of PAYGO Legislation" for this Act, provided that such statement has been submitted before the vote on passage.