Hiring Incentives to Restore Employment Act


 * 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.

 * (a) .- This Act may be cited as the "Hiring Incentives to Restore Employment Act".
 * (b) .- 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) .- The table of contents for this Act is as follows:


 * Sec. 1. Short title; amendment of 1986 Code; table of contents.

TITLE I&mdash;INCENTIVES FOR HIRING AND RETAINING UNEMPLOYED WORKERS

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

TITLE II&mdash;EXPENSING

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

TITLE III&mdash;QUALIFIED TAX CREDIT BONDS

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

TITLE IV&mdash;EXTENSION OF CURRENT SURFACE TRANSPORTATION PROGRAMS

 * Sec. 401. Short title.

Subtitle A&mdash;Federal-aid Highways

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

====Subtitle B&mdash;National Highway Traffic Safety Administration, Federal Motor Carrier Safety Administration, and Additional Programs====
 * 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&mdash;Public Transportation Programs

 * 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&mdash;Revenue Provisions

 * 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&mdash;Disadvantaged Business Enterprises

 * Sec. 451. Disadvantaged business enterprises.

PART I&mdash;INCREASED DISCLOSURE OF BENEFICIAL OWNERS

 * Sec. 501. Reporting on certain foreign accounts.
 * Sec. 502. Repeal of certain foreign exceptions to registered bond requirements.

PART II&mdash;UNDER REPORTING WITH RESPECT TO FOREIGN ASSETS

 * 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&mdash;OTHER DISCLOSURE PROVISIONS

 * 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&mdash;PROVISIONS RELATED TO FOREIGN TRUSTS

 * 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&mdash;SUBSTITUTE DIVIDENDS AND DIVIDEND EQUIVALENT PAYMENTS RECEIVED BY FOREIGN PERSONS TREATED AS DIVIDENDS

 * Sec. 541. Substitute dividends and dividend equivalent payments received by foreign persons treated as dividends.

Subtitle B&mdash;Delay in Application of Worldwide Allocation of Interest

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

Subtitle C&mdash;Budgetary Provisions

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

Approved March 18, 2010.

Legislative History

 * CONGRESSIONAL RECORD, Vol. 156 (2010):
 * CONGRESSIONAL RECORD, Vol. 156 (2010):