Sec. 202. Build America Bonds made permanent
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This section may be cited as the . Build America Bonds Act of 2014 Subparagraph
(B)of section 54AA(d)(1) of the Internal Revenue Code of 1986 is amended by inserting or on or after the date of the enactment of the after Build America Bonds Act of 2014 , January 1, 2011, . Subsection
(b)of section 54AA of such Code is amended to read as follows: The amount of the credit determined under this subsection with respect to any interest payment date for a build America bond is the applicable percentage of the amount of interest payable by the issuer with respect to such date. For purposes of paragraph (1), the applicable percentage shall be determined under the following table: In the case of a bond issued The applicable during calendar year: percentage is: 2009 or 2010 35 2013 32 2014 31 2015 30 2016 29 2017 and thereafter 28. . Section 6431 of such Code is amended— by inserting or on or after the date of the enactment of the after Build America Bonds Act of 2014 , January 1, 2011, in subsection (a), and by striking before January 1, 2011 in subsection (f)(1)(B) and inserting during a particular period . Subsection
(g)of section 54AA of such Code is amended— by inserting or during a period beginning on or after the date of the enactment of the after Build America Bonds Act of 2014 , January 1, 2011, , and by striking in the heading and inserting qualified bonds issued before 2011 . certain qualified bonds Subsection
(b)of section 6431 of such Code is amended— by striking The Secretary and inserting the following: The Secretary , by striking 35 percent and inserting the applicable percentage , and by adding at the end the following new paragraph: For purposes of this subsection, the term applicable percentage means the percentage determined in accordance with the following table: In the case of a qualified bond The applicable issued during calendar year: percentage is: 2009 or 2010 35 2013 32 2014 31 2015 30 2016 29 2017 and thereafter 28. . Subsection
(g)of section 54AA of such Code is amended by adding at the end the following new paragraph: For purposes of this subsection, the term qualified bond includes any bond (or series of bonds) issued to refund a qualified bond if— 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 issue, the amount of the refunding bond does not exceed the outstanding amount of the refunded bond, and the refunded bond is redeemed not later than 90 days after the date of the issuance of the refunding bond. In the case of a refunding bond referred to in subparagraph (A), the applicable percentage with respect to such bond under section 6431(b) shall be the lowest percentage specified in paragraph
(2)of such section. For purposes of subparagraph (A)(i), average maturity shall be determined in accordance with section 147(b)(2)(A). . Subparagraph
(A)of section 54AA(g)(2) of such Code is amended by inserting (including capital expenditures for levees and other flood control projects) after capital expenditures . In the case of any payment under section 6431(b) of the Internal Revenue Code of 1986 made after the date of the enactment of this Act to which sequestration applies, the amount of such payment shall be increased to an amount equal to— such payment (determined before such sequestration), multiplied by the quotient obtained by dividing one by the amount by which one exceeds the percentage reduction in such payment pursuant to such sequestration. For purposes of this subsection, the term sequestration means any reduction in direct spending ordered in accordance with a sequestration report prepared by the Director of the Office and Management and Budget pursuant to the Balanced Budget and Emergency Deficit Control Act of 1985 or the Statutory Pay-As-You-Go Act of 2010. The amendments made by this section shall apply to obligations issued on or after the date of the enactment of this Act.