On Thursday, March 18, 2010, the President 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) described in Section 54A of the Internal Revenue Code (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. The HIRE Act permits these QTCB issuers to elect to receive the new direct subsidy payments, or to forego the direct subsidy payments and to permit holders of these QTCBs to receive tax credits as provided prior to passage of the HIRE Act.  Please click here to read more.