[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 535 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 535

 To amend the Internal Revenue Code of 1986 to permanently extend the 
                      Build America Bonds program.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 6, 2013

 Mr. Connolly 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 permanently 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.

    This Act may be cited as the ``Put America Back to Work Act''.

SEC. 2. PERMANENT 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 after the 
date of the enactment of the Put America Back to Work Act,'' after 
``January 1, 2011,''.
    (b) Reduction in Bond Holder Credit Percentage.--Subsection (b) of 
54AA of such Code is amended by striking ``35 percent'' and inserting 
``25 percent (35 percent in the case of bonds issued before January 1, 
2011)''.
    (c) Payments to Issuers.--
            (1) In general.--Section 6431 of such Code is amended--
                    (A) by striking ``issued before 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 striking ``before January 1, 2011'' in the 
                matter preceding paragraph (1), and
                    (B) by striking ``Qualified Bonds Issued Before 
                2011'' in the heading and inserting ``Certain Qualified 
                Bonds''.
    (d) Reduction in Percentage of Payments to Issuers.--Subsection (b) 
of section 6431 of such Code is amended by striking ``35 percent'' and 
inserting ``28 percent (35 percent in the case of bonds issued before 
January 1, 2011)''.
    (e) 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).''.
    (f) Additional Purposes.--Subsection (g) of section 54AA of such 
Code, as amended by subsection (e), is amended by adding at the end the 
following new paragraphs:
            ``(4) Working capital financings.--For purposes of this 
        subsection, the term `qualified bond' includes any bond (or 
        series of bonds) that is reasonably expected to be used for the 
        issuer's operating expenses as long as the issue is limited to 
        a maturity of 13 months or less.
            ``(5) Qualified 501(c)(3) bond.--For purposes of this 
        subsection, the term `qualified bond' includes any bond (or 
        series of bonds) that is a qualified 501(c)(3) bond (as defined 
        in section 145).''.
    (g) 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''.
    (h) Effective Date.--The amendments made by this section shall 
apply to obligations issued after the date of the enactment of this 
Act.
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