to Create Jobs Now Act of 2011 and ending on December 
31, 2012,’’ after ‘‘January 1, 2011,’’. 
(b) EXTENSION OF PAYMENTS TO ISSUERS.— 
(1) IN GENERAL.—Section 6431 of such Code 
is amended— 
(A) by inserting ‘‘or during the period be-
ginning on the date of the enactment of the 
Build America Bonds to Create Jobs Now Act 
of 2011 and ending on December 31, 2012,’’ 
after ‘‘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 inserting ‘‘or during the period be-
ginning on the date of the enactment of the 
Build America Bonds to Create Jobs Now Act 
of 2011 and ending on December 31, 2012,’’ 
after ‘‘January 1, 2011,’’, and 
(B) 
by 
striking 
‘‘QUALIFIED
BONDS 
ISSUED BEFORE 2011’’ in the heading and in-
serting ‘‘CERTAIN QUALIFIED BONDS’’. 
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(c) REDUCTION IN PERCENTAGE OF PAYMENTS TO 
ISSUERS.—Subsection (b) of section 6431 of such Code 
is amended— 
(1) by striking ‘‘The Secretary’’ and inserting 
the following: 
‘‘(1) IN GENERAL.—The Secretary’’, 
(2) by striking ‘‘35 percent’’ and inserting ‘‘the 
applicable percentage’’, and 
(3) by adding at the end the following new 
paragraph: 
‘‘(2) APPLICABLE PERCENTAGE.—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 issued during cal-
endar year: 
The applicable percentage 
is: 
2009 or 2010 ............................................................
35 percent 
2011 ..........................................................................
32 percent 
2012 ..........................................................................
31 percent.’’. 
(d) CURRENT
REFUNDINGS
PERMITTED.—Sub-
section (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’ includes 
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any bond (or series of bonds) issued to refund 
a qualified bond if— 
‘‘(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 subpara-
graph (A), the applicable percentage with re-
spect to such bond under section 6431(b) shall 
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).’’. 
(e) CLARIFICATION
RELATED
TO
LEVEES
AND 
FLOOD CONTROL PROJECTS.—Subparagraph (A) of sec-
tion 54AA(g)(2) of such Code is amended by inserting 
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‘‘(including capital expenditures for levees and other flood 
control projects)’’ after ‘‘capital expenditures’’. 
Æ 
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