334:, which is 6.2 percent, on wages paid to eligible new hires. In addition, employers receive a general business income tax break if the employer continues to employ the new hire for at least 52 weeks. The tax break is the lesser of $ 1,000 or 6.2 percent of wages paid to the new employee during the 52-week period. Household employers are ineligible for both tax benefits, as are new employees who are related to the employer. Also ineligible are employees who earn more than $ 106,000 per year and employees who displace a current employee, unless the first employee resigned or was terminated for cause. Employers may claim the credit after an eligible employee signs a statement affirming their previous unemployed status, such as Form W-11.
38:
359:(IRS), or be subject to a 30-percent withholding tax on income from US financial assets held by the banks. Owners of these foreign-held assets must report them on US tax returns if they are worth more than $ 50,000 and those who do not would be subject to a 30-percent penalty on the balance of the account in question. FATCA also closes a tax loophole that investors had used to avoid paying any
329:
Employers are eligible for a payroll tax credit when the employer hires certain new employees after
February 3, 2010, and before January 1, 2011. In order to take the payroll tax credit, the employee must have either been unemployed for at least 60 days prior to hire or worked fewer than 40 hours for
139:
16 USC § 777; 23 USC §§ 101, 403, 410, 2001; 26 USC §§ 38, 51, 54F, 163, 179, 643, 679, 864, 871, 1291, 1298, 3111, 4701, 6011, 6431, 6501, 6655, 6662, 6677, 9503; 49 USC §§ 5305, 5307, 5309, 5311, 5337, 5338, 8003, 31100, 31104, 31144, 31301,
519:
677:
695:
537:
795:
800:
453:
287:
386:
for all US customers since early 2011 citing "onerous" US regulations, which FATCA made more complex when it went into effect in 2013.
395:
348:
341:
776:
551:
355:. It requires foreign banks to find any American account holders and disclose their balances, receipts, and withdrawals to the US
570:
461:
266:
165:
242:
100:
494:
601:
352:
274:
258:
70:
307:
313:
On March 17,2010 the Senate agreed to the House's amendment by a vote of 68–29, and sent the bill to the
President.
226:
37:
400:
356:
265:
breaks and incentives for businesses to hire unemployed workers. Often characterized as a "jobs bill", certain
344:
through 2010, authorizes $ 20 billion for highway and transit projects, and makes reforms to municipal bonds.
270:
238:
338:
93:
730:
678:"The HIRE Act is Passed and Signed. Is Your Company Ready To Benefit From The Available Tax Credits?"
640:
294:
429:
190:
as the Hiring
Incentives to Restore Employment Act on February 24, 2010 (70-28) with amendment
774:
Bill
Summary & Status - 111th Congress (2009 - 2010) - H.R.2847 - THOMAS (Library of Congress)
235:
689:
383:
125:
300:
The House agreed to the amendments, with amendments, on
December 16, 2009 by a vote of 217–212.
254:
531:
303:
The Senate agreed to the amendments, with amendments, on
February 24, 2010 by a vote of 70–28.
273:
state that it is only one piece of a broader job creation legislative agenda, along with the
146:
475:
330:
another employer during the previous 60 days. Employers do not pay the employer portion of
780:
710:
773:
715:
658:
578:
789:
379:
367:
169:
161:
306:
The House followed on March 4, 2010, passing an amended version (in compliance with
750:
360:
317:
209:
620:"Form W-11: Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit"
160:
in the House as
Commerce-Justice-Science Appropriations Act, 2010 (H.R. 2847) by
735:
371:
331:
262:
755:
405:
619:
552:"Two New Tax Benefits Aid Employers Who Hire and Retain Unemployed Workers"
17:
246:
53:
641:"IRS Developed Form Affidavit for Qualified Employees Under HIRE Act"
351:(FATCA) enacts Chapter 4 of, and makes other modifications to, the
290:
passed the original version on June 18, 2009 by a vote of 259–157.
375:
366:
However, allegedly as a result of FATCA, European banks such as
526:. March 22, 2010. Archived from the original on March 29, 2010.
297:
passed an amended bill on
November 5, 2009 by a vote of 71–28.
659:"President Signs Hiring Incentives Act With Tax Provisions"
223:
Hiring
Incentives to Restore Employment (HIRE) Act of 2010
520:"Obama Signs Bill with Tax Breaks for Hiring New Workers"
337:
The Act also extends the $ 250,000 deduction limit under
48:
The Hiring
Incentives to Restore Employment Act of 2010
196:
on March 4, 2010 (217-201) with further amendment
347:Ostensibly to offset the costs of the Act, the new
144:
135:
124:
116:
111:
99:
89:
84:
76:
65:
52:
44:
227:
711:"Death of a Loophole, and Swiss Banks Will Mourn"
731:"European Banks Stop Serving American Customers"
694:: CS1 maint: bot: original URL status unknown (
536:: CS1 maint: bot: original URL status unknown (
684:. Archived from the original on March 5, 2012.
363:by converting them into dividend equivalents.
8:
30:
31:Hiring Incentives to Restore Employment Act
796:Acts of the 111th United States Congress
801:United States federal labor legislation
602:"HIRE Act Tax Incentives for New Hires"
447:
445:
443:
417:
687:
529:
29:
709:Morgenson, Gretchen (26 March 2010).
645:Society for Human Resource Management
514:
512:
510:
508:
423:
421:
7:
569:Kridelbaugh, Alan (March 24, 2010).
430:"Jobs Bill Signed Into Law by Obama"
751:"German banks abandon US customers"
428:Montopoli, Brian (March 18, 2010).
131:26 USC §§ 1471-1474, 26 USC § 6038D
495:"Jobs bill headed to Obama's desk"
493:Oliphant, James (March 17, 2010).
396:Foreign Account Tax Compliance Act
349:Foreign Account Tax Compliance Act
320:signed the bill on March 18, 2010.
232:Tooltip Public Law (United States)
25:
524:Business & Legal Reports, Inc
27:Act of the United States Congress
454:"Jobs bill includes tax changes"
200:Senate agreed to House amendment
194:House agreed to Senate amendment
36:
676:Temkin, Mike (March 22, 2010).
184:on June 18, 2009 (259-157)
600:Jarvis, Gus (March 26, 2010).
202:on March 17, 2010 (68-29)
1:
353:Internal Revenue Code of 1986
452:Bell, Kay (March 23, 2010).
259:111th United States Congress
71:111th United States Congress
571:"New Employer Tax Benefits"
476:"Jobs bill passes Congress"
817:
153:
35:
627:Internal Revenue Service
401:Involuntary unemployment
357:Internal Revenue Service
288:House of Representatives
80:Generally March 18, 2010
310:) by a vote of 217–201.
308:new pay-as-you-go rules
178:by House Appropriations
176:Committee consideration
136:U.S.C. sections amended
663:Journal of Accountancy
339:Internal Revenue Code
606:The Watch Newspapers
575:Southeast Missourian
275:Travel Promotion Act
759:. 15 December 2011.
739:. 14 December 2011.
332:social security tax
281:Legislative history
147:Legislative history
32:
779:2014-09-20 at the
480:Pacific Daily News
384:brokerage accounts
382:have been closing
361:taxes on dividends
257:) is a law in the
172:) on June 12, 2009
665:. March 18, 2010.
647:. April 13, 2010.
558:. March 18, 2010.
499:Los Angeles Times
482:. March 18, 2010.
277:and other bills.
219:
218:
212:on March 18, 2010
188:Passed the Senate
102:Statutes at Large
16:(Redirected from
808:
761:
760:
747:
741:
740:
727:
721:
720:
706:
700:
699:
693:
685:
673:
667:
666:
655:
649:
648:
637:
631:
630:
624:
616:
610:
609:
597:
591:
590:
588:
586:
581:on April 2, 2010
577:. Archived from
566:
560:
559:
548:
542:
541:
535:
527:
516:
503:
502:
490:
484:
483:
472:
466:
465:
460:. Archived from
449:
438:
437:
425:
252:
233:
229:
182:Passed the House
149:
128:sections created
107:124 Stat. 71-118
103:
58:
40:
33:
21:
816:
815:
811:
810:
809:
807:
806:
805:
786:
785:
781:Wayback Machine
770:
765:
764:
749:
748:
744:
729:
728:
724:
708:
707:
703:
686:
675:
674:
670:
657:
656:
652:
639:
638:
634:
622:
618:
617:
613:
599:
598:
594:
584:
582:
568:
567:
563:
550:
549:
545:
528:
518:
517:
506:
492:
491:
487:
474:
473:
469:
464:on May 7, 2012.
451:
450:
441:
427:
426:
419:
414:
392:
327:
283:
250:
231:
215:
206:Signed into law
145:
101:
66:Enacted by
56:
28:
23:
22:
15:
12:
11:
5:
814:
812:
804:
803:
798:
788:
787:
784:
783:
769:
768:External links
766:
763:
762:
742:
722:
716:New York Times
701:
682:ERE Media, Inc
668:
650:
632:
611:
592:
561:
543:
504:
485:
467:
439:
416:
415:
413:
410:
409:
408:
403:
398:
391:
388:
326:
323:
322:
321:
314:
311:
304:
301:
298:
291:
282:
279:
255:H.R. 2847
251:March 18, 2010
236:111–147 (text)
217:
216:
214:
213:
203:
197:
191:
185:
179:
173:
154:
151:
150:
142:
141:
137:
133:
132:
129:
122:
121:
120:16, 23, 26, 49
118:
117:Titles amended
114:
113:
109:
108:
105:
97:
96:
91:
87:
86:
82:
81:
78:
74:
73:
67:
63:
62:
59:
50:
49:
46:
42:
41:
26:
24:
14:
13:
10:
9:
6:
4:
3:
2:
813:
802:
799:
797:
794:
793:
791:
782:
778:
775:
772:
771:
767:
758:
757:
752:
746:
743:
738:
737:
732:
726:
723:
718:
717:
712:
705:
702:
697:
691:
683:
679:
672:
669:
664:
660:
654:
651:
646:
642:
636:
633:
629:. April 2010.
628:
621:
615:
612:
607:
603:
596:
593:
580:
576:
572:
565:
562:
557:
553:
547:
544:
539:
533:
525:
521:
515:
513:
511:
509:
505:
500:
496:
489:
486:
481:
477:
471:
468:
463:
459:
455:
448:
446:
444:
440:
435:
431:
424:
422:
418:
411:
407:
404:
402:
399:
397:
394:
393:
389:
387:
385:
381:
380:Credit Suisse
377:
373:
369:
368:Deutsche Bank
364:
362:
358:
354:
350:
345:
343:
340:
335:
333:
324:
319:
315:
312:
309:
305:
302:
299:
296:
292:
289:
285:
284:
280:
278:
276:
272:
268:
264:
260:
256:
248:
244:
240:
237:
230:
224:
211:
208:by President
207:
204:
201:
198:
195:
192:
189:
186:
183:
180:
177:
174:
171:
167:
163:
162:Alan Mollohan
159:
156:
155:
152:
148:
143:
138:
134:
130:
127:
123:
119:
115:
110:
106:
104:
98:
95:
92:
88:
83:
79:
75:
72:
68:
64:
60:
55:
51:
47:
43:
39:
34:
19:
754:
745:
734:
725:
714:
704:
681:
671:
662:
653:
644:
635:
626:
614:
605:
595:
583:. Retrieved
579:the original
574:
564:
555:
546:
523:
498:
488:
479:
470:
462:the original
457:
433:
365:
346:
336:
328:
318:Barack Obama
222:
220:
210:Barack Obama
205:
199:
193:
187:
181:
175:
157:
112:Codification
57:(colloquial)
736:Der Spiegel
372:Commerzbank
342:section 179
263:payroll tax
261:to provide
241:, 124
790:Categories
412:References
325:Provisions
316:President
249:, enacted
158:Introduced
90:Public law
45:Long title
756:The Local
690:cite news
406:Tax haven
267:Democrats
85:Citations
77:Effective
777:Archived
585:April 2,
532:cite web
434:CBS News
390:See also
271:Congress
54:Acronyms
18:HIRE Act
556:IRS.gov
228:Pub. L.
94:111-147
378:, and
295:Senate
245:
234:
126:U.S.C.
623:(PDF)
458:MSNBC
243:Stat.
239:(PDF)
140:31309
696:link
587:2010
538:link
376:HSBC
293:The
286:The
221:The
69:the
61:HIRE
269:in
792::
753:.
733:.
713:.
692:}}
688:{{
680:.
661:.
643:.
625:.
604:.
573:.
554:.
534:}}
530:{{
522:.
507:^
497:.
478:.
456:.
442:^
432:.
420:^
374:,
370:,
253:,
247:71
170:WV
719:.
698:)
608:.
589:.
540:)
501:.
436:.
225:(
168:–
166:D
164:(
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
