Building American Jobs Act of 2011

Summary

Building American Jobs Act of 2011 - Amends the Internal Revenue Code, with respect to the Build America Bond program, to: (1) extend until December 31, 2012, the authority to issue such bonds and the authority for payments to issuers of such bonds; (2) reduce the percentage rate of payments to issuers in 2011 and 2012; (3) allow refundings of currently issued bonds; and (4) allow the use of Build America bonds to fund capital expenditures for levees and flood control projects. Extends through 2011 the authority to issue recovery zone economic development bonds. Requires the Secretary of the Treasury to allocate 2011 national limitations on such bonds based upon state unemployment statistics. Exempts private activity bonds for sewage and water supply facilities from the state volume caps applicable to such bonds. Allows Indian tribal governments to issue tax-exempt private activity bonds to provide water or sewage facilities. Extends through 2011: (1) the exemption from alternative minimum tax (AMT) treatment of interest on certain tax-exempt bonds, (2) the tax exemption allowed for interest on bonds guaranteed by a federal home loan bank, and (3) small issuer rules for the allocation of tax-exempt interest expense by financial institutions. Allows a full offset against the AMT for new market tax credit amounts. Allows taxpayers to elect payments in lieu of low-income housing tax credits in 2011 for low-income buildings financed by tax-exempt bonds.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 March 2011

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 10 March 2011

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 10 March 2011

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.