HR 11 IH
112th CONGRESS
1st Session
H. R. 11
To amend the Internal Revenue Code of 1986 to extend the Build America Bonds program.
IN THE HOUSE OF REPRESENTATIVES
February 10, 2011
Mr. CONNOLLY of Virginia (for himself, Ms. LORETTA SANCHEZ of California, and Mr. CARNEY) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to extend the Build America Bonds program.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
SEC. 2. EXTENSION OF BUILD AMERICA BONDS.
(a) In General- Subparagraph (B) of section 54AA(d)(1) of the Internal Revenue Code of 1986 is amended by inserting ‘or during the period beginning on the date of the enactment of the Build America Bonds to Create Jobs Now Act of 2011 and ending on December 31, 2012,’ after ‘January 1, 2011,’.
(b) Extension of Payments to Issuers-
(1) IN GENERAL- Section 6431 of such Code is amended--
(A) by inserting ‘or during the period beginning on the date of the enactment of the Build America Bonds to Create Jobs Now Act of 2011 and ending on December 31, 2012,’ after ‘January 1, 2011,’ in subsection (a), and
(B) by striking ‘before January 1, 2011’ in subsection (f)(1)(B) and inserting ‘during a particular period’.
(2) CONFORMING AMENDMENTS- Subsection (g) of section 54AA of such Code is amended--
(A) by inserting ‘or during the period beginning on the date of the enactment of the Build America Bonds to Create Jobs Now Act of 2011 and ending on December 31, 2012,’ after ‘January 1, 2011,’, and
(B) by striking ‘Qualified Bonds Issued Before 2011’ in the heading and inserting ‘Certain Qualified Bonds’.
(c) Reduction in Percentage of Payments to Issuers- Subsection (b) of section 6431 of such Code is amended--
(1) by striking ‘The Secretary’ and inserting the following:
‘(1) IN GENERAL- The Secretary’,
(2) by striking ‘35 percent’ and inserting ‘the applicable percentage’, and
(3) by adding at the end the following new paragraph:
‘(2) APPLICABLE PERCENTAGE- For purposes of this subsection, the term ‘applicable percentage’ means the percentage determined in accordance with the following table:
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‘In the case of a qualified bond issued during calendar year: The applicable percentage is:
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2009 or 2010 35 percent
2011 32 percent
2012 31 percent.’.
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(d) Current Refundings Permitted- Subsection (g) of section 54AA of such Code is amended by adding at the end the following new paragraph:
‘(3) TREATMENT OF CURRENT REFUNDING BONDS-
‘(A) IN GENERAL- For purposes of this subsection, the term ‘qualified bond’ includes any bond (or series of bonds) issued to refund a qualified bond if--
‘(i) the average maturity date of the issue of which the refunding bond is a part is not later than the average maturity date of the bonds to be refunded by such issue,
‘(ii) the amount of the refunding bond does not exceed the outstanding amount of the refunded bond, and
‘(iii) the refunded bond is redeemed not later than 90 days after the date of the issuance of the refunding bond.
‘(B) APPLICABLE PERCENTAGE- In the case of a refunding bond referred to in subparagraph (A), the applicable percentage with respect to such bond under section 6431(b) shall be the lowest percentage specified in paragraph (2) of such section.
‘(C) DETERMINATION OF AVERAGE MATURITY- For purposes of subparagraph (A)(i), average maturity shall be determined in accordance with section 147(b)(2)(A).’.
(e) Clarification Related to Levees and Flood Control Projects- Subparagraph (A) of section 54AA(g)(2) of such Code is amended by inserting ‘(including capital expenditures for levees and other flood control projects)’ after ‘capital expenditures’.
U.S. Congress - Text of H.R.11 as Introduced in House Build America Bonds to Create Jobs Now Act of 2011
