Hiring Incentives to Restore Employment Act

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    111TH UNITED STATES CONGRESS
    2ND SESSION


    An Act
    Making appropriations for the Departments of Commerce and Justice, and Science, and Related Agencies for the fiscal year ending September 30, 2010, and for other purposes.


    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
    Section 1. Short Title; Amendment of 1986 Code; Table of Contents.[edit]
    (a) Short Title.- This Act may be cited as the "Hiring Incentives to Restore Employment Act".
    (b) Amendment of 1986 Code.- Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986.
    (c) Table of Contents.- The table of contents for this Act is as follows:
    Sec. 1. Short title; amendment of 1986 Code; table of contents.

    TITLE I—INCENTIVES FOR HIRING AND RETAINING UNEMPLOYED WORKERS[edit]

    Sec. 101. Payroll tax forgiveness for hiring unemployed workers.
    Sec. 102. Business credit for retention of certain newly hired individuals in 2010.

    TITLE II—EXPENSING[edit]

    Sec. 201. Increase in expensing of certain depreciable business assets.

    TITLE III—QUALIFIED TAX CREDIT BONDS[edit]

    Sec. 301. Issuer allowed refundable credit for certain qualified tax credit bonds.

    TITLE IV—EXTENSION OF CURRENT SURFACE TRANSPORTATION PROGRAMS[edit]

    Sec. 401. Short title.

    Subtitle A—Federal-aid Highways[edit]

    Sec. 411. In general.
    Sec. 412. Administrative expenses.
    Sec. 413. Rescission of unobligated balances.
    Sec. 414. Reconciliation of funds.

    Subtitle B—National Highway Traffic Safety Administration, Federal Motor Carrier Safety Administration, and Additional Programs[edit]

    Sec. 421. Extension of National Highway Traffic Safety Administration Highway Safety Programs.
    Sec. 422. Extension of Federal Motor Carrier Safety Administration Programs.
    Sec. 423. Additional programs.

    Subtitle C—Public Transportation Programs[edit]

    Sec. 431. Allocation of funds for planning programs.
    Sec. 432. Special rule for urbanized area formula grants.
    Sec. 433. Allocating amounts for capital investment grants.
    Sec. 434. Apportionment of formula grants for other than urbanized areas.
    Sec. 435. Apportionment based on fixed guideway factors.
    Sec. 436. Authorizations for public transportation.
    Sec. 437. Amendments to SAFETEA-LU.

    Subtitle D—Revenue Provisions[edit]

    Sec. 441. Repeal of provision prohibiting the crediting of interest to the Highway Trust Fund.
    Sec. 442. Restoration of certain foregone interest to Highway Trust Fund.
    Sec. 443. Treatment of certain amounts appropriated to Highway Trust Fund.
    Sec. 444. Termination of transfers from highway trust fund for certain repayments and credits.
    Sec. 445. Extension of authority for expenditures.
    Sec. 446. Level of obligation limitations.

    Subtitle E—Disadvantaged Business Enterprises[edit]

    Sec. 451. Disadvantaged business enterprises.

    TITLE V—OFFSET PROVISIONS[edit]

    Subtitle A—Foreign Account Tax Compliance[edit]

    PART I—INCREASED DISCLOSURE OF BENEFICIAL OWNERS[edit]
    Sec. 501. Reporting on certain foreign accounts.
    Sec. 502. Repeal of certain foreign exceptions to registered bond requirements.
    PART II—UNDER REPORTING WITH RESPECT TO FOREIGN ASSETS[edit]
    Sec. 511. Disclosure of information with respect to foreign financial assets.
    Sec. 512. Penalties for underpayments attributable to undisclosed foreign financial assets.
    Sec. 513. Modification of statute of limitations for significant omission of income in connection with foreign assets.
    PART III—OTHER DISCLOSURE PROVISIONS[edit]
    Sec. 521. Reporting of activities with respect to passive foreign investment companies.
    Sec. 522. Secretary permitted to require financial institutions to file certain returns related to withholding on foreign transfers electronically.
    PART IV—PROVISIONS RELATED TO FOREIGN TRUSTS[edit]
    Sec. 531. Clarifications with respect to foreign trusts which are treated as having a United States beneficiary.
    Sec. 532. Presumption that foreign trust has United States beneficiary.
    Sec. 533. Uncompensated use of trust property.
    Sec. 534. Reporting requirement of United States owners of foreign trusts.
    Sec. 535. Minimum penalty with respect to failure to report on certain foreign trusts.
    PART V—SUBSTITUTE DIVIDENDS AND DIVIDEND EQUIVALENT PAYMENTS RECEIVED BY FOREIGN PERSONS TREATED AS DIVIDENDS[edit]
    Sec. 541. Substitute dividends and dividend equivalent payments received by foreign persons treated as dividends.

    Subtitle B—Delay in Application of Worldwide Allocation of Interest[edit]

    Sec. 551. Delay in application of worldwide allocation of interest.

    Subtitle C—Budgetary Provisions[edit]

    Sec. 561. Time for payment of corporate estimated taxes.
    Sec. 562. PAYGO Compliance.


    Approved March 18, 2010.


    Legislative History[edit]

    • CONGRESSIONAL RECORD, Vol. 156 (2010):