H.R. 789House113th Congress (2013-2015)In Committee

Build America Bonds Act of 2013

Introduced February 15, 2013

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HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

February 15, 2013

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HouseIntro Referral

Introduced in House

February 15, 2013

HouseIntro Referral

Referred to the House Committee on Ways and Means.

February 15, 2013

Floor Debate

5 members

What members said about H.R. 789 on the floor

2 Republicans3 Democrats
Jared Polis
Rep. Jared PolisD-CO-2 · Mar 5, 2014

Mr. Speaker, I yield myself such time as I may consume. Well, I want to come to the floor to wish the Republicans a happy anniversary. I brought a gold ring. This is the 50th repeal of ObamaCare. I…

Michael C. Burgess
Rep. Michael C. BurgessR-TX-26 · Mar 5, 2014

Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 497 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-25 · Mar 5, 2014

Mr. Speaker, I thank my friend from Texas for yielding me the customary 30 minutes, and I yield myself such time as I may consume. Mr. Speaker, this is just not an ordinary day, this is a very…

James A. Himes
Rep. James A. HimesD-CT-4 · Mar 5, 2014

Mr. Speaker, had I been present for the vote on the Previous Question, rollcall vote 93, I would have voted ``no.'' Mr. Speaker, had I been present for the vote Agreeing to the Resolution, rollcall…

Ann Wagner
Rep. Ann WagnerR-MO-2 · Mar 5, 2014

Mr. Speaker, on rollcall No. 93 I was unavoidably detained. Had I been present, I would have voted ``yes.'' Stated against:

Bill Text

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Introduced in HouseIssued February 15, 2013

I

113th CONGRESS

1st Session

H. R. 789

IN THE HOUSE OF REPRESENTATIVES

February 15, 2013

Mr. Neal (for himself, Mr. Levin, Mr. Rangel, Mr. McDermott, Mr. Lewis, Mr. Becerra, Mr. Thompson of California, Mr. Larson of Connecticut, Mr. Blumenauer, Mr. Kind, Mr. Pascrell, Mr. Crowley, Ms. Schwartz, Mr. Danny K. Davis of Illinois, and Ms. Linda T. Sánchez of California) 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 tax treatment for certain build America bonds, and for other purposes.

1.

Short title

This Act may be cited as the Build America Bonds Act of 2013.

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 2013, after January 1, 2011,.

(b)

Reduction in credit percentage to bondholders

Subsection (b) of section 54AA of such Code is amended to read as follows:

(b)

Amount of credit

(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.

(2)

Applicable percentage

For purposes of paragraph (1), the applicable percentage shall be determined under the following table:

In the case of a bond issuedThe applicable
 during calendar year:percentage is:
2009 or 201035
201332
201431
201530
201629
2017 and thereafter28.

.

(c)

Extension of payments to issuers

(1)

In general

Section 6431 of such Code is amended—

(A)

by inserting or during a period beginning on or after the date of the enactment of the Build America Bonds Act of 2013, 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 a period beginning on or after the date of the enactment of the Build America Bonds Act of 2013, after January 1, 2011,, 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—

(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 The applicable
 issued during calendar year:percentage is:
2009 or 201035
201332
201431
201530
201629
2017 and thereafter28.

.

(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).

(D)

Issuance restriction not applicable

Subsection (d)(1)(B) shall not apply to a refunding bond referred to in subparagraph (A).

.

(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.

(g)

Gross-Up of payment to issuers in case of sequestration

In the case of any payment under section 6431(b) of the Internal Revenue Code of 1986 made after the date of the enactment of this Act to which sequestration applies, the amount of such payment shall be increased to an amount equal to—

(1)

such payment (determined before such sequestration), multiplied by

(2)

the quotient obtained by dividing 1 by the amount by which 1 exceeds the percentage reduction in such payment pursuant to such sequestration.

For purposes of this subsection, the term sequestration means any reduction in direct spending ordered in accordance with a sequestration report prepared by the Director of the Office and Management and Budget pursuant to the Balanced Budget and Emergency Deficit Control Act of 1985 or the Statutory Pay-As-You-Go Act of 2010.
(h)

Effective date

The amendments made by this section shall apply to obligations issued on or after the date of the enactment of this Act.