Other
Tax Credit Bonds
Date:
March 18, 2010
Who:
IRS
Policy Area:
Other
Economic Target:
Other
Action Type:
Tax Break
Maximum Amount:
$2.29 billion
Amount Spent:
$2.29 billion
Deficit Impact:
-$0.16 billion The Hiring Incentives to Restore Employment Act included tax credits on qualifying bonds.
Also included in the Hire Act were provisions creating incentives for hiring unemployed workers.
Notes:
Maximum amount reflects the lost revenue from the tax provisions over a 10-year period. Deficit impact reflects the total net cost of the provision in proportion to the total net cost of -$1.1 billion for the bill. Offsets totaled $16.7 billion, stemming largely from foreign account tax compliance and a delay in implementing worldwide interest expense allocation until 2020.
Amount spent unknown.
