,,ii  #aac? ,,congress  #b;d ,session   
,s4 #bbjc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #c1 #bjad,mr4   
,m>key introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,f9ance  ,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 ! ,bol/]+ 
,our ,nation's ,defici5t ,/ructures ,act
 ( #bjad or ! ,,bonds ,act4  #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 ( ! ,bol/]+ ,our ,nation's     
,defici5t ,/ructures ,act ( #bjad1 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                
#bjajcebjadcabjaecjbjafbibjag &         
!reaft]#bh4  4  7c7 ,special rules      
,subsection 7f7 ( section #ed;,,aa ( su*
 ,code is am5d$ by add+ at ! end !      
foll[+ new p>agraph3  7#c7 ,application 
( o!r rules  7,a7 ,9 g5]al ,not)/&+ any 
o!r provision ( law1 a build ,am]ica    
bond %all be consid]$ a recov]y zone    
economic developm5t bond 7z def9$ 9     
section #adjj,u-#b7 = purposes (        
application ( section #afja ( title ,i (
 division ,b ( ,public ,law #aaa-e 7#bf 
,u4,s4,c4 #ed;,c note74  7,b7 ,public   
transportation projects ,recipi5ts ( any
 f9ancial assi/ance au?oriz$ "u ?is     
section t funds public transportation   

projects1 z def9$ 9 ,title #di1 ,unit$  
,/ates ,code1 mu/ comply ) ! grant      
requirem5ts describ$ "u section #ecji ( 
su* title4  4  7d7 ,ext5sion ( paym5ts  
to issu]s  7#a7 ,9 g5]al ,section #fdca 
( su* ,code is am5d$-- 7,a7 by ins]t+ or
 dur+ a p]iod beg9n+ on or aft] ! date (
 ! enactm5t ( ! ,bol/]+ ,our ,nation's  
,defici5t ,/ructures ,act ( #bjad1 aft] 
,janu>y #a1 #bjaa1 9 subsection 7a71 &  
7,b7 by /rik+ be=e ,janu>y #a1 #bjaa 9  
subsection 7f77#a77;,b7 & ins]t+ dur+ a 
p>ticul> p]iod4  7#b7 ,con=m+ am5dm5ts  
,subsection 7g7 ( section #ed;,,aa ( su*
 ,code is am5d$-- 7,a7 by ins]t+ or dur+
 a p]iod beg9n+ on or aft] ! date ( !   
enactm5t ( ! ,bol/]+ ,our ,nation's     
,defici5t ,/ructures ,act ( #bjad1 aft] 
,janu>y #a1 #bjaa11 &  7,b7 by /rik+    
qualifi$ bonds issu$ be=e #bjaa 9 !     
head+ & ins]t+ c]ta9 qualifi$ bonds4    
7e7 ,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                
#bjajcebjadcabjaecjbjafbibjag &         
!reaft]#bh4  4  7f7 ,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   
7g7 ,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    
7h7 ,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  7i7 ,effective date ,! am5dm5ts 
made by ?is section %all apply to       
obligations issu$ on or aft] ! date ( ! 
enactm5t ( ?is ,act4