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President Obama signs the HIRE Act (Pub. L. No. 111-92) into law, creating tax breaks for businesses hiring new workers and extending higher expensing limits for small businesses that make capital investments. The bill (H.R. 2847) also expands the Build America Bonds program to allow their use to finance construction of schools and renewable energy projects, but offsets the new tax breaks with additional information reporting rules and withholding requirements for foreign financial institutions. The new law puts in place a host of requirements for foreign banks to report and disclose accounts with U.S. owners, in an action that stakeholders say will change the landscape not just for those banks but for an array of entities and agents who handle cross-border payments.
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