I 
113TH CONGRESS 
1ST SESSION 
H. R. 535 
To amend the Internal Revenue Code of 1986 to permanently extend the 
Build America Bonds program. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 6, 2013 
Mr. CONNOLLY introduced the following bill; which was referred to the 
Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to permanently 
extend the Build America Bonds program. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Put America Back to 
Work Act’’. 
SEC. 2. PERMANENT EXTENSION OF BUILD AMERICA 
BONDS. 
(a) IN GENERAL.—Subparagraph (B) of section 
54AA(d)(1) of the Internal Revenue Code of 1986 is 
amended by inserting ‘‘or after the date of the enactment 
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of the Put America Back to Work Act,’’ after ‘‘January 
1, 2011,’’. 
(b) REDUCTION IN BOND HOLDER CREDIT PER-
CENTAGE.—Subsection (b) of 54AA of such Code is 
amended by striking ‘‘35 percent’’ and inserting ‘‘25 per-
cent (35 percent in the case of bonds issued before Janu-
ary 1, 2011)’’. 
(c) PAYMENTS TO ISSUERS.— 
(1) IN GENERAL.—Section 6431 of such Code 
is amended— 
(A) by striking ‘‘issued before January 1, 
2011,’’ in subsection (a), and 
(B) by striking ‘‘before January 1, 2011’’ 
in subsection (f)(1)(B) and inserting ‘‘during a 
particular period’’. 
(2) CONFORMING
AMENDMENTS.—Subsection 
(g) of section 54AA of such Code is amended— 
(A) by striking ‘‘before January 1, 2011’’ 
in the matter preceding paragraph (1), and 
(B) 
by 
striking 
‘‘QUALIFIED
BONDS 
ISSUED BEFORE 2011’’ in the heading and in-
serting ‘‘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’’ and inserting ‘‘28 
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be the lowest percentage specified in paragraph 
(2) of such section. 
‘‘(C) DETERMINATION OF AVERAGE MATU-
RITY.—For purposes of subparagraph (A)(i), 
average maturity shall be determined in accord-
ance with section 147(b)(2)(A).’’. 
(f) ADDITIONAL PURPOSES.—Subsection (g) of sec-
tion 54AA of such Code, as amended by subsection (e), 
is amended by adding at the end the following new para-
graphs: 
‘‘(4) WORKING
CAPITAL
FINANCINGS.—For 
purposes of this subsection, the term ‘qualified bond’ 
includes any bond (or series of bonds) that is rea-
sonably expected to be used for the issuer’s oper-
ating expenses as long as the issue is limited to a 
maturity of 13 months or less. 
‘‘(5) QUALIFIED 501(c)(3) BOND.—For pur-
poses of this subsection, the term ‘qualified bond’ in-
cludes any bond (or series of bonds) that is a quali-
fied 501(c)(3) bond (as defined in section 145).’’. 
(g) CLARIFICATION
RELATED
TO
LEVEES
AND 
FLOOD CONTROL PROJECTS.—Subparagraph (A) of sec-
tion 54AA(g)(2) of such Code is amended by inserting 
‘‘(including capital expenditures for levees and other flood 
control projects)’’ after ‘‘capital expenditures’’. 
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(h) EFFECTIVE DATE.—The amendments made by 
this section shall apply to obligations issued after the date 
of the enactment of this Act. 
Æ 
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