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Legal Briefing
Obama signs HIRE Act - Allows Direct Subsidies for Issuers of Certain Qualified Tax Credit Bonds
Practice Area: Central Government
Sector: Public sector
Jurisdiction: USA
Published: 30 March 2010
Law Firm: Edwards Angell Palmer & Dodge
Overview
Earlier this month, President Obama signed into law the Hiring Incentives to Restore Employment Act (the HIRE Act), which, among other things, changes the rules for issuers of certain Qualified Tax Credit Bonds (QTCBs) as described in Section 54a of the Internal Revenue Code.
The HIRE Act allows issuers of certain QTCBs to receive direct subsidy payments, not unlike those already available to issuers of Build America Bonds (BABs) and Recovery Zone Economic Development Bonds.
Click here to read more about the implications of the Act.
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