Guard and Reserve Fairness Act - Requires the Secretary of Defense, during a period in which active-duty personnel are being deployed for not less than one year, to limit the deployment period of reserve personnel to the length of the corresponding active component reduced by the period of time between the date of the entry of the reserve personnel onto active duty and their date of deployment.
Amends the Internal Revenue Code of 1986 to provide to employers, as a general business credit, an active-duty reserve component employee credit.
Directs the Secretary to expand the Central Command Rest and Recuperation Leave program for Operations Iraqi Freedom and Enduring Freedom to provide travel and transportation allowances to military personnel granted leave to travel at U.S. expense between the deployment location and the permanent station or home of record of the member.
Increases basic educational assistance amounts under the Montgomery GI Bill.
Directs the Secretary of the military department concerned to pay the applicable premium to continue in force any qualified health plan coverage for a reserve member (and his or her dependents) while the member is serving on active duty pursuant to a call or order issued during a war or national emergency declared by the President or Congress. Requires the continuation of COBRA coverage during such period. Prohibits simultaneous coverage under both the qualified health plan and TRICARE (a Department of Defense managed health care program).
Makes members of the Selected Reserve and Individual Ready Reserve eligible for either the Prime or Standard option of the TRICARE Program, allowing for either self- or self-and-family coverage. Requires the Secretary to: (1) provide at least one open enrollment period each year for such members; and (2) charge applicable premiums, deductibles, and copayments for such coverage.
Directs the Secretary to report to Congress evaluating the adverse financial effects of deployments of greater than six months on members of the reserves and the feasibility and cost of developing a targeted compensation program to offset some or all of those adverse effects.