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H.R.6206 - Build America Bonds Act of 2012
To amend the Internal Revenue Code of 1986 to permanently extend the tax treatment for certain build America bonds, and for other purposes.
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Mr. NEAL (for himself, Mr. RANGEL, Mr. CROWLEY, Mr. LEVIN, Mr. STARK, Mr. MCDERMOTT, Mr. LEWIS of Georgia, Mr. BECERRA, Mr. DOGGETT, Mr. THOMPSON of California, Mr. LARSON of Connecticut, Mr. BLUMENAUER, Mr. KIND, Mr. PASCRELL, and Ms. BERKLEY) introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
SEC. 2. BUILD AMERICA BONDS MADE PERMANENT.
(a) In General- Subparagraph (B) of section 54AA(d)(1) of the Internal Revenue Code of 1986 is amended by inserting ‘or during a period beginning on or after the date of the enactment of the Build America Bonds Act of 2012,’ after ‘January 1, 2011,’.CommentsClose CommentsPermalink
‘(1) IN GENERAL- The amount of the credit determined under this subsection with respect to any interest payment date for a build America bond is the applicable percentage of the amount of interest payable by the issuer with respect to such date.CommentsClose CommentsPermalink
(A) by inserting ‘or during a period beginning on or after the date of the enactment of the Build America Bonds Act of 2012,’ after ‘January 1, 2011,’ in subsection (a), andCommentsClose CommentsPermalink
‘(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.CommentsClose CommentsPermalink
(f) 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’.CommentsClose CommentsPermalink
SEC. 3. LIMITATION ON SECTION 199 DEDUCTION ATTRIBUTABLE TO OIL, NATURAL GAS, OR PRIMARY PRODUCTS THEREOF.
‘(E) SPECIAL RULE FOR CERTAIN OIL AND GAS INCOME- In the case of any taxpayer who is a major integrated oil company (as defined in section 167(h)(5)(B)) for the taxable year, the term ‘domestic production gross receipts’ shall not include gross receipts from the production, refining, processing, transportation, or distribution of oil, gas, or any primary product (within the meaning of subsection (d)(9)) thereof.’.CommentsClose CommentsPermalink