In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Build America Bonds Act of 2012''.

SEC. 2. BUILD AMERICA BONDS MADE PERMANENT.

(a) In General.--Subparagraph (B) of section 54AA(d)(1) of the
Internal Revenue Code of 1986 is amended by inserting ''or during a
period beginning on or after the date of the enactment of the Build
America Bonds Act of 2012,'' after ''January 1, 2011,''.
(b) Reduction in Credit Percentage to Bondholders.--Subsection (b)
of section 54AA of such Code is amended to read as follows:
''(b) Amount of Credit.--
''(1) In general.--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.
''(2) Applicable percentage.--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
2012................................................... 32
2013................................................... 31
2014................................................... 30
2015................................................... 29
2016 and thereafter.................................... 28.''.
(c) Extension of Payments to Issuers.--
(1) In general.--Section 6431 of such Code is amended--
(A) by inserting ''or during a period beginning on
or after the date of the enactment of the Build America
Bonds Act of 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 a period beginning on
or after the date of the enactment of the Build America
Bonds Act of 2012,'' after ''January 1, 2011,'', and
(B) by striking ''qualified Bonds Issued Before
2011'' in the heading and inserting ''certain Qualified
Bonds''.
(d) 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 The applicable
issued during calendar year: percentage is:
2009 or 2010........................................... 35
2012................................................... 32
2013................................................... 31
2014................................................... 30
2015................................................... 29
2016 and thereafter.................................... 28.''.
(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' includes 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 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).
''(D) Issuance restriction not applicable.--
Subsection (d)(1)(B) shall not apply to a refunding
bond referred to in subparagraph (A).''.
(f) 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)'' after ''capital expenditures''.
(g) Effective Date.--The amendments made by this section shall
apply to obligations issued on or after the date of the enactment of
this Act.

SEC. 3. LIMITATION ON SECTION 199 DEDUCTION ATTRIBUTABLE TO OIL,
NATURAL GAS, OR PRIMARY PRODUCTS THEREOF.

(a) Denial of Deduction.--Paragraph (4) of section 199(c) of the
Internal Revenue Code of 1986 is amended by adding at the end the
following new subparagraph:
''(E) Special rule for certain oil and gas
income.--In the case of any taxpayer who is a major
integrated oil company (as defined in section
167(h)(5)(B)) for the taxable year, the term 'domestic
production gross receipts' shall not include gross
receipts from the production, refining, processing,
transportation, or distribution of oil, gas, or any
primary product (within the meaning of subsection
(d)(9)) thereof.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years ending after the date of the enactment of this Act.
A:
Build America Bonds Act of 2012 - Amends the Internal Revenue Code to: (1) make permanent the issuance authority for Build America Bonds and the authority for payments to issuers of such bonds; (2) make phased reductions in the credit percentage to bondholders and thepercentage of payments to issuers of such bonds;(3) allow refundings of currently issued bonds; (4) allow the use of Build America bonds to fund capital expenditures for levees and flood control projects; and (5) deny a tax deduction to major integrated oil companies for income attributable to the production, refining, processing, transportation, or distribution of oil, gas, or any primary product thereof.