,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #ece  ,,in ,,the ,,house ,,of   
,,representatives  ,february #f1 #bjac  
,mr4 ,connolly introduced the following 
bill2 which was referred to the         
,committee on ,ways and ,means  ,a      
,,bill  ,to amend the ,internal ,revenue
 ,code of #aihf to permanently extend   
the ,build ,america ,bonds program4  #a4
 ,short title ,this ,act may be cited as
 the ,put ,america ,back to ,work ,act4 
#b4 ,permanent ,extension of ,build     
,america ,bonds  7a7 ,in general        
,subparagraph 7,b7 of section           
#ed;,,aa7d77#a7 of the ,internal        
,revenue ,code of #aihf is amended by   
inserting or after the date of the      
enactment of the ,put ,america ,back to 
,work ,act1 after ,january #a1 #bjaa14  
7b7 ,reduction in ,bond ,holder ,credit 
,percentage ,subsection 7b7 of #ed;,,aa 
of such ,code is amended by striking #ce
 percent and inserting #be percent 7#ce 
percent in the case of bonds issued     
before ,january #a1 #bjaa74  7c7        

,payments to issuers  7#a7 ,in general  
,section #fdca of such ,code is         
amended--  7,a7 by striking issued      
before ,january #a1 #bjaa1 in subsection
 7a71 and  7,b7 by striking before      
,january #a1 #bjaa in subsection        
7f77#a77;,b7 and inserting during a     
particular period4  7#b7 ,conforming    
amendments ,subsection 7g7 of section   
#ed;,,aa of such ,code is amended--     
7,a7 by striking before ,january #a1    
#bjaa in the matter preceding paragraph 
7#a71 and  7,b7 by striking qualified   
bonds issued before #bjaa in the heading
 and inserting certain qualified bonds4 
7d7 ,reduction in percentage of payments
 to issuers ,subsection 7b7 of section  
#fdca of such ,code is amended by       
striking #ce percent and inserting #bh  
percent 7#ce percent in the case of     
bonds issued before ,january #a1 #bjaa74
  7e7 ,current refundings permitted     
,subsection 7g7 of section #ed;,,aa of  
such ,code is amended by adding at the  
end the following new paragraph3  7#c7  

,treatment of current refunding bonds   
7,a7 ,in general ,for purposes of this  
subsection1 the term qualified bond     
includes any bond 7or series of bonds7  
issued to refund a qualified bond if--  
7i7 the average maturity date of the    
issue of which the refunding bond is a  
part is not later than the average      
maturity date of the bonds to be        
refunded by such issue1  7ii7 the amount
 of the refunding bond does not exceed  
the outstanding amount of the refunded  
bond1 and  7iii7 the refunded bond is   
redeemed not later than #ij days after  
the date of the issuance of the         
refunding bond4  7,b7 ,applicable       
percentage ,in the case of a refunding  
bond referred to in subparagraph 7,a71  
the applicable percentage with respect  
to such bond under section #fdca7;b7    
shall be the lowest percentage specified
 in paragraph 7#b7 of such section4     
7,c7 ,determination of average maturity 
,for purposes of subparagraph 7,a77i71  
average maturity shall be determined in 

accordance with section                 
#adg7;b77#b77;,a74  4  7f7 ,additional  
purposes ,subsection 7g7 of section     
#ed;,,aa of such ,code1 as amended by   
subsection 7e71 is amended by adding at 
the end the following new paragraphs3   
7#d7 ,working capital financings ,for   
purposes of this subsection1 the term   
qualified bond includes any bond 7or    
series of bonds7 that is reasonably     
expected to be used for the issuer's    
operating expenses as long as the issue 
is limited to a maturity of #ac months  
or less4  7#e7 ,qualified #eja7;c77#c7  
bond ,for purposes of this subsection1  
the term qualified bond includes any    
bond 7or series of bonds7 that is a     
qualified #eja7;c77#c7 bond 7as defined 
in section #ade74  4  7g7 ,clarification
 related to levees and flood control    
projects ,subparagraph 7,a7 of section  
#ed;,,aa7g77#b7 of such ,code is amended
 by inserting 7including capital        
expenditures for levees and other flood 
control projects7 after capital         

expenditures4  7h7 ,effective date ,the 
amendments made by this section shall   
apply to obligations issued after the   
date of the enactment of this ,act4