H.R. 11House112th Congress (2011-2013)In Committee

Build America Bonds to Create Jobs Now Act of 2011

Introduced February 10, 2011

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

February 10, 2011

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HouseIntro Referral

Introduced in House

February 10, 2011

HouseIntro Referral

Sponsor introductory remarks on measure. (CR H620)

February 10, 2011

HouseIntro Referral

Referred to the House Committee on Ways and Means.

February 10, 2011

Floor Debate

23 members

What members said about H.R. 11 on the floor

9 Republicans14 Democrats
David Dreier
Rep. David DreierR-CA-26 · Jan 5, 2011

Madam Speaker, for the purposes of debate only, I yield the customary 30 minutes to the gentlewoman from Rochester, New York (Ms. Slaughter). Pending that, I yield 1 minute to the distinguished…

Pete Sessions
Rep. Pete SessionsR-TX-32 · Feb 10, 2011

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 73 and ask for its immediate consideration. Mr. Speaker, for the purpose of debate only, I yield the customary 30…

Louise McIntosh Slaughter
Rep. Louise McIntosh SlaughterD-NY-28 · Jan 5, 2011

I am pleased to say this morning that I am delighted to be here. I want to give my congratulations to Mr. Dreier on reclaiming the Rules seat, and we are very keen on our side to make our case before…

Alcee L. Hastings
Rep. Alcee L. HastingsD-FL-23 · Feb 10, 2011

Mr. Speaker, I rise in opposition to H. Res. 73, the rule providing for consideration of H. Res. 72, which directs certain standing committees to inventory and review existing, pending, and proposed…

Nancy Pelosi
Rep. Nancy PelosiD-CA-8 · Feb 10, 2011

I thank the gentleman for yielding and thank him for his leadership in calling up H.R. 11, the Build America Bonds, later. Mr. Speaker, it's very interesting to watch this debate because what you see…

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Eni F. H. Faleomavaega
Rep. Eni F. H. FaleomavaegaD-AS · Jan 5, 2011

Mr. Speaker, on behalf of the tens of thousands of our men and women in military uniform from the U.S. territories, I just ask my good friend, the Honorable Speaker, restore our symbolic vote. That's…

Nick J. Rahall II
Rep. Nick J. Rahall IID-WV-3 · Jan 5, 2011

I thank the distinguished gentlelady for yielding the time. While I regret I did not hear all of the previous colloquy, I do want to express my strong reservation and opposition to these rule changes…

Jason Altmire
Rep. Jason AltmireD-PA-4 · Feb 10, 2011

Mr. Speaker, the rapidly expanding Federal regulatory burden is a bipartisan problem, and I commend the chairman of the committee, my friend from Missouri, for his efforts in working, not just in his…

Nydia M. Velázquez
Rep. Nydia M. VelázquezD-NY-12 · Feb 10, 2011

I yield myself such time as I may consume. Mr. Speaker, small businesses are central to the economic recovery currently underway. Unfortunately, there are many obstacles for entrepreneurs to overcome…

Chris Van Hollen
Rep. Chris Van HollenD-MD-8 · Jan 5, 2011

Mr. Speaker, on this opening day of the new Congress I know that we all hope to work together to tackle the major problems that face our country. We heard that sentiment expressed by the outgoing…

Sam Graves
Rep. Sam GravesR-MO-6 · Feb 10, 2011

Mr. Speaker, I ask unanimous consent that all Members have 5 legislative days to revise and extend their remarks. I yield myself such time as I may consume. Mr. Speaker, as chairman of the House…

John Shimkus
Rep. John ShimkusR-IL-19 · Feb 10, 2011

Mr. Speaker, I yield myself such time as I may consume. (Mr. SHIMKUS asked and was given permission to revise and extend his remarks.) Mr. Speaker, I rise today in strong support of the pending…

Robert E. Andrews
Rep. Robert E. AndrewsD-NJ-1 · Feb 10, 2011

I thank my friend from Florida for yielding. Mr. Speaker, as we meet this afternoon, there are 15 million Americans who are unemployed, and for them, this is another day of searching the Web or the…

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Steny H. Hoyer
Rep. Steny H. HoyerD-MD-5 · Jan 5, 2011

Mr. Speaker, I rise in opposition to this rule not for small reasons of this rule or that rule but because it authorizes trillions of dollars of new debt without paying for it. There are two ways to…

David Dreier
Rep. David DreierR-CA-26 · Feb 10, 2011

Mr. Speaker, it is true that this is all about creating jobs. Job creation and economic growth is our number one priority. I have been listening to this debate over the last few minutes and have come…

Bennie G. Thompson
Rep. Bennie G. ThompsonD-MS-2 · Jan 5, 2011

Mr. Speaker, I rise today to express my concern about the failure of the Republican Majority's Rules package to fix jurisdiction over homeland security. In July 2004, the 9/11 Commission Report…

Eric Cantor
Rep. Eric CantorR-VA-7 · Jan 5, 2011

Mr. Speaker, I offer a privileged resolution and ask for its immediate consideration. Mr. Speaker, I offer a motion. Madam Speaker, I yield the hour to the gentleman from California (Mr. Dreier), and…

Henry A. Waxman
Rep. Henry A. WaxmanD-CA-30 · Feb 10, 2011

Mr. Speaker, I yield myself such time as I may consume. Our highest priority should be to put America back to work. We need jobs, investment, and growth; but that's not what we're doing in Congress.…

Rob Bishop
Rep. Rob BishopR-UT-1 · Jan 5, 2011

Madam Speaker, I appreciate the gentleman from California recognizing me. Every time we talk about rules, I realize for the majority of people, their eyes kind of glaze over. But every kid who has…

Joseph R. Pitts
Rep. Joseph R. PittsR-PA-16 · Feb 10, 2011

The United States is in danger of losing its status as the world leader in medical device innovation. Multiple studies have shown that regulatory uncertainty and a delay and inefficiency at the Food…

Renee L. Ellmers
Rep. Renee L. EllmersR-NC-2 · Feb 10, 2011

Mr. Speaker, in all of my years in business, I can honestly say that I have never seen an administration so prepared to regulate nearly every ailment, either real or perceived. Nearly every segment…

Greg Walden
Rep. Greg WaldenR-OR-2 · Jan 5, 2011

Madam Speaker, I want to thank the chairman of the Rules Committee. I wanted to talk just briefly about the transition itself, and I want to thank members of both parties who participated in very…

Pedro R. Pierluisi
Rep. Pedro R. PierluisiD-PR · Jan 5, 2011

Mr. Speaker, I rise in opposition to the resolution. Mr. Speaker, I rise in strong opposition to the Republican rules package, because it sends a message of exclusion and indifference to my…

Jay Inslee
Rep. Jay InsleeD-WA-1 · Feb 10, 2011

Mr. Speaker, I would suggest that we need more jobs and less speeches. And what we will get from this bill on the floor is more speeches and no jobs. It is very disappointing in the current economic…

Bill Text

Latest available legislative text

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Introduced in HouseIssued February 10, 2011

I

112th CONGRESS

1st Session

H. R. 11

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.

1.

Short title

This Act may be cited as the Build America Bonds to Create Jobs Now Act of 2011.

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:

In the case of a qualified bond issued during calendar year:The applicable percentage is:
2009 or 201035 percent
201132 percent
201231 percent.

.

(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.