Building American Jobs Act of 2011
Latest action · Mar 10, 2011 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 10, 2011
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 21
Members who signed on, in the order they did. Signatures ran from Mar 10, 2011 to Sep 8, 2011, with 13 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Bill Pascrell, Jr. | Original | Mar 10, 2011 |
| D-NY | Charles B. Rangel | Original | Mar 10, 2011 |
| D-OR | Earl Blumenauer | Original | Mar 10, 2011 |
| D-CA | Fortney Pete Stark | Original | Mar 10, 2011 |
| D-WA | Jim McDermott | Original | Mar 10, 2011 |
| D-CT | John B. Larson | Original | Mar 10, 2011 |
| D-GA | John Lewis | Original | Mar 10, 2011 |
| D-NY | Joseph Crowley | Original | Mar 10, 2011 |
| D-CA | Mike Thompson | Original | Mar 10, 2011 |
| D-MA | Richard E. Neal | Original | Mar 10, 2011 |
| D-WI | Ron Kind | Original | Mar 10, 2011 |
| D-NV | Shelley Berkley | Original | Mar 10, 2011 |
| D-CA | Xavier Becerra | Original | Mar 10, 2011 |
| D-MI | John D. Dingell | Mar 11, 2011 | |
| D-HI | Mazie K. Hirono | Mar 30, 2011 |
Actions 2
Everything that happened, newest first.
- Mar 10, 2011Introduced in House
- Mar 10, 2011Referred to the House Committee on Ways and Means.
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 11 | Build America Bonds to Create Jobs Now Act of 2011 | Related bill | Feb 10, 2011 |
| HR 736 | BABE RUTH Act of 2011 | Related bill | Feb 16, 2011 |
| HR 747 | Build America Bonds Extension Act of 2011 | Related bill | Feb 16, 2011 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Economic development
- Financial services and investments
- Government lending and loan guarantees
- Housing finance and home ownership
- Income tax credits
- Income tax deductions
- Income tax exclusion
- Income tax rates
- Interest, dividends, interest rates
- Low- and moderate-income housing
- Securities
- Solid waste and recycling
- State and local finance
- Taxation
- Water resources funding
Text 1
Each version as it was printed, newest first.
- Mar 10, 2011Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.