Hiring Incentives to Restore Employment (HIRE) Act of 2010

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The “HIRE Act” was designed to encourage employers to hire and retain new workers. Specifically, the HIRE Act created two new tax benefits that will encourage employers to hire new employees, while offsetting some of the payroll costs associated with new employees.

But that’s not what INSDA ninjas care about. Rather, it is this:

The Act imposes US withholding tax on payments made on any swap made after September 14, 2010 regardless of when the swap was entered into.

Quite how that encourages employers to hire new employees does’t leap off the page at the JC, readers, but it is what it is.

So ISDA formulated the ISDA 2010 Short Form Hire Act Protocol.

See also

• Hire Act Amendment
• Section 871(m)