On March 18, 2010, President Obama signed into law H.R. 2847, the
Incentives to Restore Employment Act (HIRE). HIRE targets job creation
providing tax incentives, such as business credits to companies for
employees. The offset provisions included to raise revenue for such
include important changes in the rules governing foreign trusts.
Subtitle A of
Title V of HIRE substantially incorporates the Foreign Account Tax
Act of 2009 as introduced on October 27, 2009 (H.R. 3933, S. 1934).
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