Put America Back to Work Act

To amend the Internal Revenue Code of 1986 to permanently extend the Build America Bonds program. 1. Short title This Act may be cited as the Put America Back to Work Act 2. Permanent Extension of Build America Bonds (a) In general Subparagraph (B) of section 54AA(d)(1) or after the date of the enactment of the Put America Back to Work Act January 1, 2011, (b) Reduction in Bond Holder Credit Percentage Subsection (b) of 54AA of such Code is amended by striking 35 percent 25 percent (35 percent in the case of bonds issued before January 1, 2011) (c) Payments to issuers (1) In general Section 6431 of such Code is amended— (A) by striking issued before January 1, 2011, (B) by striking before January 1, 2011 during a particular period (2) Conforming amendments Subsection (g) of section 54AA of such Code is amended— (A) by striking before January 1, 2011 (B) by striking qualified bonds issued before 2011 certain qualified bonds (d) Reduction in percentage of payments to issuers Subsection (b) of section 6431 of such Code is amended by striking 35 percent 28 percent (35 percent in the case of bonds issued before January 1, 2011) (e) Current refundings permitted Subsection (g) of section 54AA of such Code is amended by adding at the end the following new paragraph: (3) Treatment of current refunding bonds (A) In general For purposes of this subsection, the term qualified bond (i) 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, (ii) the amount of the refunding bond does not exceed the outstanding amount of the refunded bond, and (iii) the refunded bond is redeemed not later than 90 days after the date of the issuance of the refunding bond. (B) Applicable percentage 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. (C) Determination of average maturity For purposes of subparagraph (A)(i), average maturity shall be determined in accordance with section 147(b)(2)(A). . (f) Additional purposes Subsection (g) of section 54AA of such Code, as amended by subsection (e), is amended by adding at the end the following new paragraphs: (4) Working capital financings For purposes of this subsection, the term qualified bond (5) Qualified 501(c)(3) For purposes of this subsection, the term qualified bond . (g) Clarification related to levees and flood control projects Subparagraph (A) of section 54AA(g)(2) of such Code is amended by inserting (including capital expenditures for levees and other flood control projects) capital expenditures (h) Effective date The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.

Summary: Put America Back to Work Act - Amends the Internal Revenue Code, with respect to the Build America Bond program, to: (1) extend permanently the authority to issue such bonds and the authority for payments to issuers of such bonds, (2) reduce the percentage rate of payments to issuers, (3) allow refundings of currently-issued Build America bonds, and (4) allow the use of such bonds to fund capital expenditures for levees and flood control projects.