The Chairman of the House Ways and Means Committee, Sander Levin (D-MI) and the Chairman of the Senate Finance Committee, Max Baucus (D-MT) will introduce today the American Jobs and Closing Tax Loopholes Act. The bill will include a 1 year extension of the ARRA Bank-Qualified provisions, a 2 year extension of Direct Payment BABs and a 1 year extension of AMT relief for private activity bonds, including current refunding of private activity bonds issued since 2003. For BABs the payment level will decline from the current 35 percent to 32 percent in 2011 and 30 percent in 2012. The BABs could also be used for current refunding of outstanding BABs.
The bill is expected to pass the House and Senate and be sent to the President by the end of next week before the Congressional Memorial Day recess. All of these, but especially the Bank-Qualified extension, have been high priorities for RBDA.
For more information please contact the RBDA’s Bill Daly at wdaly@bdamerica.org or 202.509.9515.
