,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #ghi  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,febru>y #ae1 #bjac   
,mr4 ,neal 7= himself1 ,mr4 ,lev91 ,mr4 
,rangel1 ,mr4 ,mc,dermott1 ,mr4 ,lewis1 
,mr4 ,bec]ra1 ,mr4 ,?ompson ( ,cali=nia1
 ,mr4 ,l>son ( ,connecticut1 ,mr4       
,blum5au]1 ,mr4 ,k9d1 ,mr4 ,pascrell1   
,mr4 ,cr[ley1 ,ms4 ,s*w>tz1 ,mr4 ,danny 
,k4 ,davis ( ,ill9ois1 & ,ms4 ,l9da ,t4 
,sn*ez ( ,cali=nia7 introduc$ ! foll[+  
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d !   
,int]nal ,rev5ue ,code ( #aihf to       
p]man5tly ext5d ! tax treatm5t = c]ta9  
build ,am]ica bonds1 & = o!r purposes4  
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,build ,am]ica ,bonds ,act ( #bjac4   
#b4 ,build ,am]ica ,bonds made p]man5t  
7a7 ,9 g5]al ,subp>agraph 7,b7 ( section
 #ed;,,aa7d77#a7 ( ! ,int]nal ,rev5ue   
,code ( #aihf is am5d$ by ins]t+ or dur+
 a p]iod beg9n+ on or aft] ! date ( !   
enactm5t ( ! ,build ,am]ica ,bonds ,act 
( #bjac1 aft] ,janu>y #a1 #bjaa14  7b7  

,r$uction 9 cr$it p]c5tage to bondhold]s
 ,subsection 7b7 ( section #ed;,,aa (   
su* ,code is am5d$ to read z foll[s3    
7b7 ,am\nt ( cr$it  7#a7 ,9 g5]al ,!    
am\nt ( ! cr$it det]m9$ "u ?is          
subsection ) respect to any int]e/      
paym5t date = a build ,am]ica bond is ! 
applicable p]c5tage ( ! am\nt ( int]e/  
payable by ! issu] ) respect to su*     
date4  7#b7 ,applicable p]c5tage ,=     
purposes ( p>agraph 7#a71 ! applicable  
p]c5tage %all be det]m9$ "u ! foll[+    
table3  ,9 ! case ( a bond issued,the   
applicable   dur+ cal5d> ye>3p]c5tage   
is3  #bjji or #bjajce  #bjaccb  #bjadca 
#bjaecj  #bjafbi  #bjag & !reaft]#bh4  4
  7c7 ,ext5sion ( paym5ts to issu]s     
7#a7 ,9 g5]al ,section #fdca ( su* ,code
 is am5d$--  7,a7 by ins]t+ or dur+ a   
p]iod beg9n+ on or aft] ! date ( !      
enactm5t ( ! ,build ,am]ica ,bonds ,act 
( #bjac1 aft] ,janu>y #a1 #bjaa1 9      
subsection 7a71 &  7,b7 by /rik+ be=e   
,janu>y #a1 #bjaa 9 subsection          
7f77#a77;,b7 & ins]t+ dur+ a p>ticul>   

p]iod4  7#b7 ,con=m+ am5dm5ts           
,subsection 7g7 ( section #ed;,,aa ( su*
 ,code is am5d$--  7,a7 by ins]t+ or    
dur+ a p]iod beg9n+ on or aft] ! date ( 
! enactm5t ( ! ,build ,am]ica ,bonds    
,act ( #bjac1 aft] ,janu>y #a1 #bjaa11 &
  7,b7 by /rik+ qualifi$ bonds issu$    
be=e #bjaa 9 ! head+ & ins]t+ c]ta9     
qualifi$ bonds4  7d7 ,r$uction 9        
p]c5tage ( paym5ts to issu]s ,subsection
 7b7 ( section #fdca ( su* ,code is     
am5d$--  7#a7 by /rik+ ,! ,secret>y &   
ins]t+ ! foll[+3  7#a7 ,9 g5]al ,!      
,secret>y  1  7#b7 by /rik+ #ce p]c5t & 
ins]t+ ! applicable p]c5tage1 &  7#c7 by
 add+ at ! end ! foll[+ new p>agraph3   
7#b7 ,applicable p]c5tage ,= purposes ( 
?is subsection1 ! t]m applicable        
p]c5tage means ! p]c5tage det]m9$ 9     
accordance ) ! foll[+ table3  ,9 ! case 
( a qualifi$ bond ,! applicable   issu$ 
dur+ cal5d> ye>3p]c5tage is3  #bjji or  
#bjajce  #bjaccb  #bjadca  #bjaecj      
#bjafbi  #bjag & !reaft]#bh4  4  7e7    
,curr5t refund+s p]mitt$ ,subsection 7g7

 ( section #ed;,,aa ( su* ,code is am5d$
 by add+ at ! end ! foll[+ new p>agraph3
  7#c7 ,treatm5t ( curr5t refund+ bonds 
7,a7 ,9 g5]al ,= purposes ( ?is         
subsection1 ! t]m qualifi$ bond includes
 any bond 7or s]ies ( bonds7 issu$ to   
refund a qualifi$ bond if--  7i7 !      
av]age maturity date ( ! issue ( :i* !  
refund+ bond is a "p is n lat] ?an !    
av]age maturity date ( ! bonds to be    
refund$ by su* issue1  7ii7 ! am\nt ( ! 
refund+ bond does n exce$ ! out/&+ am\nt
 ( ! refund$ bond1 &  7iii7 ! refund$   
bond is r$eem$ n lat] ?an #ij days aft] 
! date ( ! issuance ( ! refund+ bond4   
7,b7 ,applicable p]c5tage ,9 ! case ( a 
refund+ bond ref]r$ to 9 subp>agraph    
7,a71 ! applicable p]c5tage ) respect to
 su* bond "u section #fdca7;b7 %all be !
 l[e/ p]c5tage specifi$ 9 p>agraph 7#b7 
( su* section4  7,c7 ,det]m9ation (     
av]age maturity ,= purposes (           
subp>agraph 7,a77i71 av]age maturity    
%all be det]m9$ 9 accordance ) section  
#adg7;b77#b77;,a74  7,d7 ,issuance      

re/riction n applicable ,subsection     
7d77#a77;,b7 %all n apply to a refund+  
bond ref]r$ to 9 subp>agraph 7,a74  4   
7f7 ,cl>ification relat$ to levees &    
flood control projects ,subp>agraph 7,a7
 ( section #ed;,,aa7g77#b7 ( su* ,code  
is am5d$ by ins]t+ 7includ+ capital     
exp5ditures = levees & o!r flood control
 projects7 aft] capital exp5ditures4    
7g7 ,gross-,up ( paym5t to issu]s 9 case
 ( seque/ration ,9 ! case ( any paym5t  
"u section #fdca7;b7 ( ! ,int]nal       
,rev5ue ,code ( #aihf made aft] ! date (
 ! enactm5t ( ?is ,act to :i*           
seque/ration applies1 ! am\nt ( su*     
paym5t %all be increas$ to an am\nt     
equal to--  7#a7 su* paym5t 7det]m9$    
be=e su* seque/ration71 multipli$ by    
7#b7 ! quoti5t obta9$ by divid+ #a by ! 
am\nt by :i* #a exce$s ! p]c5tage       
r$uction 9 su* paym5t pursuant to su*   
seque/ration4  ,= purposes ( ?is        
subsection1 ! t]m seque/ration means any
 r$uction 9 direct sp5d+ ord]$ 9        
accordance ) a seque/ration report      

prep>$ by ! ,director ( ! ,(fice &      
,managem5t & ,budget pursuant to !      
,balanc$ ,budget & ,em]g5cy ,deficit    
,control ,act ( #aihe or ! ,/atutory    
,pay-,z-,y-,g ,act ( #bjaj4  7h7        
,effective date ,! am5dm5ts made by ?is 
section %all apply to obligations issu$ 
on or aft] ! date ( ! enactm5t ( ?is    
,act4