HR 992

112th CONGRESS
1st Session

H. R. 992

To amend the Internal Revenue Code of 1986 to create jobs through increased investment in infrastructure, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

March 10, 2011

Mr. LEVIN (for himself, Mr. RANGEL, Mr. STARK, Mr. MCDERMOTT, Mr. LEWIS of Georgia, Mr. NEAL, Mr. BECERRA, Mr. THOMPSON of California, Mr. LARSON of Connecticut, Mr. BLUMENAUER, Mr. KIND, Mr. PASCRELL, Ms. BERKLEY, and Mr. CROWLEY) 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 create jobs through increased investment in infrastructure, and for other purposes.

SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE; TABLE OF CONTENTS.

SEC. 2. EXTENSION OF BUILD AMERICA BONDS.

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`In the case of a qualified bond issued during calendar year: The applicable percentage is: 
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2009 or 2010                                                                     35 percent 
2011                                                                             32 percent 
2012                                                                          31 percent.'. 
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SEC. 3. EXTENSION AND ADDITIONAL ALLOCATIONS OF RECOVERY ZONE BOND AUTHORITY.

SEC. 4. EXEMPT-FACILITY BONDS FOR SEWAGE AND WATER SUPPLY FACILITIES.

SEC. 5. EXTENSION OF EXEMPTION FROM ALTERNATIVE MINIMUM TAX TREATMENT FOR CERTAIN TAX-EXEMPT BONDS.

SEC. 6. ALLOWANCE OF NEW MARKETS TAX CREDIT AGAINST ALTERNATIVE MINIMUM TAX.

SEC. 7. EXTENSION OF TAX-EXEMPT ELIGIBILITY FOR LOANS GUARANTEED BY FEDERAL HOME LOAN BANKS.

SEC. 8. EXTENSION OF TEMPORARY SMALL ISSUER RULES FOR ALLOCATION OF TAX-EXEMPT INTEREST EXPENSE BY FINANCIAL INSTITUTIONS.

SEC. 9. ELECTION FOR REFUNDABLE LOW-INCOME HOUSING CREDIT FOR 2011.

END