An $18 billion job creation package the Hiring Incentives to Restore Employment (HIRE) Act (H.R. 2847) was signed into law on March 18 2010. 

After several weeks of “fine tuning” the Senate approved the final HIRE Act on March 172010 by a 68-29 vote following House passage on March 42010 by a 217 to 201 margin. The President signed it on March 18.

The new law will provide new incentives for hiring and retaining workers along with a one year extension of enhanced Code Sec. 179 expensing and changes to Build America Bonds. The HIRE Act is partially offset by a package of new foreign account tax compliance rules and a further delay in the worldwide interest allocation rules. Certain corporate estimated tax payments are also accelerated to help offset the cost of the tax incentives.