What is Bill H.R. 2847?

Bill H.R. 2487 is the Hiring Incentives to Restore Employment Act, also known as HIRE, attests Snopes. This bill passed as a law in March of 2010 and went into effect July of 2014.

The intent of HIRE was to give tax breaks and incentives to businesses with the ultimate purpose of creating more jobs for unemployed workers. The Foreign Account Tax Compliance Act is another section of this bill, explains Snopes. The intent of this section is to force U.S. taxpayers with foreign accounts to report those accounts and other offshore assets to the government, thereby stopping them from evading U.S. tax laws.