Build America Bonds to Create Jobs Now 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.