Summary of Selected Tax Provisions in the “Hiring Incentives To Restore Employment Act”

On March 18, 2010, the Hiring Incentives to Restore Employment Act (Act) became law.  It is estimated that the HIRE Act will cost approximately $18 billion, and its cost is only partially offset by a tweak in the somewhat obscure foreign account tax compliance rules (i.e., offshore tax enforcement), acceleration in corporate estimated tax payments and various tax penalties. The intent of the law is to incentivize employment.