[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4606 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4606

 To amend the Internal Revenue Code of 1986 to expand the purposes for 
                which Build America Bonds may be issued.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 2010

Ms. Eddie Bernice Johnson of Texas 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 expand the purposes for 
                which Build America Bonds may be issued.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MODIFICATION OF BUILD AMERICA BONDS.

    (a) In General.--Section 54AA of the Internal Revenue Code of 1986 
is amended by redesignating subsection (h) as subsection (i) and by 
inserting after subsection (g) the following new subsection:
    ``(h) Special Rule for Certain Build America Bonds.--For purposes 
of this section and section 6431--
            ``(1) In general.--A bond shall be treated as a Build 
        America bond which is a qualified bond, if--
                    ``(A) the issuer makes an irrevocable election to 
                have this subsection apply,
                    ``(B) the bond is issued as part of an issue of 
                which 100 percent of the nonreserve proceeds are to be 
                used for a specified purpose,
                    ``(C) at least 15 percent of the payment of debt 
                service on the issue of which such bond is a part is 
                directly or indirectly to be derived from generally 
                applicable taxes,           
                    ``(D) the issuer satisfies the requirements of 
                section 148 with respect to the proceeds of the issue 
                of which such bond is a part, and     
                    ``(E) the issuer submits a report similar to the 
                report required by section 149(e).
            ``(2) Definitions.--For purposes of this subsection--
                    ``(A) Nonreserve proceeds.--The term `nonreserve 
                proceeds' with respect to an issue means an amount 
                equal to the excess of--
                            ``(i) the available project proceeds (as 
                        defined in section 54A) of such issue, over      
                                                            
                            ``(ii) the amounts in a reasonably required 
                        reserve (within the meaning of section 
                        150(a)(3)) with respect to the issue.
                    ``(B) Specified purpose.--The term `specified 
                purpose' means providing a facility (including any 
                land, building or other property functionally related 
                and subordinate to such facility) which is located 
                within 2,000 feet of an enclosed convention center 
                facility that is more than 150,000 square feet and is 
                owned by or on behalf of a governmental unit having a 
                population (determined by using 2000 census data) of 
                not more than 250,000.
            ``(3) Limitation.--The face amount of bonds with respect to 
        which an issuer may make an election to have this subsection 
        apply shall not exceed $250,000,000. Rules similar to the rules 
        of section 265(b)(3)(E) (relating to aggregation of issuers) 
        shall apply for purposes of the preceding sentence.''.
    (b) Effective Date.--The amendments made by this section shall 
apply to obligations issued after the date of the enactment of this 
Act.
                                 <all>