Bill > HR535

This bill, titled the "Put America Back to Work Act," proposes to permanently extend the Build America Bonds program, which is a component of the Internal Revenue Code of 1986 that provides tax credits to bondholders and direct payments to issuers for certain infrastructure projects. The bill makes several key changes, including removing the January 1, 2011, expiration date for these bonds, thereby allowing them to be issued indefinitely. It also reduces the percentage of the credit for bondholders from 35% to 25% for bonds issued after the bill's enactment, and adjusts the direct payment percentage to issuers accordingly. Furthermore, the bill clarifies that "qualified bonds" can include those issued to refund existing qualified bonds under specific conditions, allows for working capital financings with maturities of 13 months or less, and includes qualified 501(c)(3) bonds as eligible. Finally, it explicitly includes capital expenditures for levees and flood control projects within the scope of eligible projects.