Hiring Incentives to Restore Employment Act - Title I: Incentives for Hiring and Retaining Unemployed Workers - (Sec. 101) Amends the Internal Revenue Code to: (1) exempt for-profit and nonprofit employers, including public institutions of higher education, from social security and railroad retirement taxes in 2010 (except for the first calendar quarter of such year) for new employees who are hired after February 3, 2010, and before January 1, 2011, and who certify that they have not worked more than 40 hours during the last 60 days; and (2) allow an increase in the general business tax credit for the retention of such employees for at least one year at specified wage levels. Prohibits any carryback of unused business tax credit amounts. Appropriates to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund under title II of the Social Security Act amounts necessary to cover any reduction in revenues resulting from the tax exemptions provided by this Act. Requires the Secretary of the Treasury to pay to U.S. possessions, including the Commonwealths of Puerto Rico and the Northern Mariana Islands, an amount equal to the loss to such possessions resulting from this tax exemption. Title II: Expensing - (Sec. 201) Increases to $250,000 the expensing allowance for depreciable business assets. Title III: Qualified Tax Credit Bonds - (Sec. 301) Allows a refundable tax credit to issuers of specified tax credit bonds. Defines "specified tax credit bond" as a new clean renewable energy bond, a qualified energy conservation bond, a qualified zone academy bond, or a qualified school construction bond. Title IV: Extension of Current Surface Transportation Program - Surface Transportation Extension Act of 2010 - Subtitle A: Federal-Aid Highways - (Sec. 411) Continues in effect until December 31, 2010, the requirements, authorities, conditions, eligibilities, limitations, and other provisions authorized by specified federal transportation law. Authorizes appropriations out of the Highway Trust Fund (HTF) (other than the Mass Transit Account) for FY2010 and the period of October 1 - December 31, 2010 (first quarter of FY2011), for the federal-aid highway, surface transportation research, and transportation planning programs under the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU), with a limit on obligational authority for the programs equal to the total authorized for such programs for FY2009 (although only one-quarter of such total for the first quarter of FY2011). Extends the allocation of certain transportation program funds to: (1) states for specific programs, including the Interstate and National Highway System program, the Congestion Mitigation and Air Quality Improvement program, the highway safety improvement program, the Surface Transportation program, and the Highway Bridge program; and (2) the territories or Puerto Rico. Extends the authorization of appropriations for certain transportation research programs under title V: Research of SAFETEA-LU at FY2009 funding levels. (Sec. 412) Extends the authorization of appropriations for FY2010 and the first quarter of FY2011 for federal-aid highway program administrative expenses. (Sec. 413) Directs the Secretary of Transportation to restore certain rescinded transportation program funds to the states and to the programs from which they were rescinded. Authorizes appropriations for such programs for FY2010. (Sec. 414) Directs the Secretary, in reconciliation, to reduce the amount of funds allocated for a transportation program, project, or activity under this title by amounts allocated pursuant to the Continuing Appropriations Resolution, 2010. Subtitle B: National Highway Traffic Safety Administration, Federal Motor Carrier Safety Administration, and Additional Programs - (Sec. 421) Amends SAFETEA-LU to extend through December 31, 2010, the authorization of appropriations for National Highway Traffic Safety Administration (NHTSA) safety programs, including: (1) highway safety research and development; (2) the occupant protection incentive grant program; (3) the safety belt performance grant program; (4) state traffic safety information system improvements; (5) the alcohol-impaired driving countermeasures incentive grant program; (6) the National Driver Register; (7) the high visibility enforcement program; (8) motorcyclist safety; (9) the child safety and child booster seat safety incentive grant program; and (10) NHTSA administrative expenses. Authorizes appropriations through FY2011 for: (1) drug-impaired driving enforcement; and (2) older driver safety and law enforcement training. (Sec. 422) Extends through December 31, 2010, the authorization of appropriations for Federal Motor Carrier Safety Administration (FMCSA) programs, including: (1) motor carrier safety grants; (2) FMCSA administrative expenses; (3) commercial driver's license program improvement grants; (4) border enforcement grants; (5) performance and registration information system management grants; (6) commercial vehicle information systems and networks deployment grants; (7) safety data improvement grants; (8) a set-aside for high priority activities that improve commercial motor vehicle safety and compliance with commercial motor vehicle safety regulations; (9) a set-aside for new entrant motor carrier audit grants; (10) commercial driver's license information system modernization; (11) FMCSA and NHTSA outreach and education; (12) the commercial motor vehicle operators grant program; (13) the FMCSA's Motor Carrier Safety Advisory Committee; and (14) the working group for development of practices and procedures to enhance federal-state relations. (Sec. 423) Extends through December 31, 2010, the funding for hazardous materials (hazmat) research projects. Amends the Dingell-Johnson Sport Fish Restoration Act to extend through December 31, 2010, the authorization of appropriations, and the current requirements for their distribution, for fish restoration and management projects. Extends the set-aside for administrative expenses for carrying out such projects. Subtitle C: Public Transportation Programs - (Sec. 431) Extends through December 31, 2010, the allocation of capital investment grant funds for federal transit programs, including the metropolitan planning program and the state planning and research program. (Sec. 432) Extends the authority of the Secretary of Transportation to award urbanized area formula grants to finance the operating cost of equipment and facilities for use in public transportation in an urbanized area with a population of at least 200,000. (Sec. 433) Allocates amounts for formula and bus grants and capital investment grants for: (1) certain new fixed guideway capital projects; (2) new fixed guideway ferry systems and extension projects in Alaska and Hawaii; (3) payments to the Denali Commission for docks, waterfront development projects, and related transportation infrastructure; (4) ferry boats or ferry terminal facilities; (5) a set-aside for the national fuel cell bus technology development program; (6) projects in nonurbanized areas; (7) intermodal terminal projects; and (8) bus testing. (Sec. 434) Extends through December 31, 2010, the apportionments of: (1) nonurbanized area formula grants for public transportation on Indian reservations; and (2) capital investment grant funds for certain fixed guideway modernization projects. (Sec. 436) Extends through December 31, 2010, the authorization appropriations from the HTF Mass Transit Account for: (1) formula and bus grant projects, including allocations for specified projects; (2) capital investment grants; (3) transit research, including allocations for transit cooperative research programs, the National Transit Institute, the university centers program, transportation projects to comply with the Americans with Disabilities Act of 1990, the National Technical Assistance Center for senior transportation, and national research programs; and (4) administration expenses. (Sec. 437) Extends through December 31, 2010, certain SAFETEA-LU programs, including: (1) the contracted paratransit pilot program; (2) the public-private partnership pilot program; (3) project authorizations for final design and construction and preliminary engineering of specified fixed guideway projects; and (4) the elderly individuals and individuals with disabilities pilot program. Increases the obligation ceiling of amounts made available from the HTF Mass Transit Account. Extends through December 31, 2010, certain allocations for national research and technology programs. Subtitle D: Revenue Provisions - (Sec. 441) Amends the Internal Revenue Code to repeal provisions requiring obligations in the HTF to be U.S. obligations that are not interest-bearing. (Sec. 442) Appropriates specified amounts as foregone interest to the Highway Account and the Mass Transit Account in the HTF. (Sec. 443) Allows amounts appropriated to the HTF to remain available without fiscal year limitation. (Sec. 444) Repeals requirements for payments from the HTF to the Treasury for: (1) certain amounts paid before July 1, 2012, relating to gasoline used on farms, gasoline used for certain non-highway purposes or by local transit systems, and fuels not used for taxable purposes; and (2) specified credits allowed for certain uses of fuel before October 1, 2011. (Sec. 445) Extends through 2010 authorities for expenditures from the Highway Account and the Mass Transit Account. (Sec. 446) Amends the Safe, Accountable, Flexible, Efficient Transportation Equity Act: Legacy for Users to set forth obligation limitations in the Highway Category and the Mass Transit Category through December 31, 2010. Prohibits any budget adjustment in the federal-aid highway program in FY2010 or FY2011. Subtitle E: Disadvantaged Business Enterprises - (Sec. 451) Requires at least 10% of federal-aid highway, public transportation, and transportation research program funds under SAFETEA-LU and highway safety research and development program funds to be expended through small business concerns owned and controlled by socially and economically disadvantaged individuals (disadvantaged business enterprises). Requires states to: (1) compile a list of small business concerns annually; and (2) notify the Secretary of Transportation of the percentage of such concerns that are controlled by women, by socially and economically disadvantaged individuals (other than women), and by individuals who are women and socially and economically disadvantaged. Requires the Secretary to establish minimum uniform criteria for state governments to use in certifying a small business concern as a disadvantaged business enterprise. Title V: Offset Provisions - Subtitle A: Foreign Account Tax Compliance - Part I: Increased Disclosure of Beneficial Owners - (Sec. 501) Amends the Internal Revenue Code to revise and add reporting and other requirements relating to income from assets held abroad, including by: (1) requiring foreign financial and nonfinancial institutions to withhold 30% of payments made to such institutions by U.S. individuals unless such institutions agree to disclose the identity of such individuals and report on their bank transactions; and (2) denying a tax deduction for interest on non-registered bonds issued outside the United States. Part II: Under Reporting With Respect to Foreign Assets - (Sec. 511) Requires any individual who holds more than $50,000 in a depository or custodial account maintained by a foreign financial institution to report on any such account. (Sec. 512) Imposes an enhanced tax penalty for underpayments attributable to undisclosed foreign financial assets. (Sec. 513) Extends the limitation period for assessment of underpayments with respect to assets held outside the United States. Part III: Other Disclosure Provisions - (Sec. 521) Requires U.S. shareholders of a passive foreign investment company to file annual informational returns. (Sec. 522) Allows the Secretary of the Treasury to require certain financial institutions to file returns related to withholding on transactions involving foreign persons on magnetic media (currently, electronic filing is required only for taxpayers filing at least 250 returns). Part IV: Provisions Related to Foreign Trusts - (Sec. 531) Deems a foreign trust as having a U.S. beneficiary if such beneficiary's interest in the trust is contingent on a future event or such beneficiary directly or indirectly transfers property to such trust or uses trust property without paying compensation to the trust. Imposes reporting requirements on owners of foreign trusts and sets forth tax penalties for failure to report on transfers to and distributions from such trusts. Part V: Substitute Dividends and Dividend Equivalent Payments Received by Foreign Persons Treated as Dividends - (Sec. 541) Treats a dividend equivalent payment as a dividend from a source within the United States for purposes of taxation of income from foreign sources and tax withholding rules applicable to foreign persons. Subtitle B: Delay in Application of Worldwide Allocation of Interest - (Sec. 551) Delays until 2021 the application of special rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit. Subtitle C: Budgetary Provisions - (Sec. 561) Increases the required estimated tax payments for corporations with assets of not less than $1 billion in specified calendar quarters. (Sec. 562) Provides criteria for compliance with the Statutory Pay-As-You-Go Act of 2010.