Democratic lawmakers on the House Ways and Means Committee have introduced a new bill intended to finance infrastructure investments to create jobs. H.R. 992, the Building American Jobs Act, includes a variety of bond and tax provisions including:
- An extension of the of the 1602 LIHTC Exchange Program through January 1, 2013 (from January 1, 2011).
- Allow the New Markets Tax Credit to offset the alternative minimum tax with respect to NMTCs generated by qualified equity investments made between March 15, 2010 and Jan. 1, 2012.
- An extension of the Build America Bonds program through 2012 with a 32 percent subsidy rate in 2011, and 31 percent subsidy rate in 2012.
The measure is endorsed by the Democratic members of the House Ways & Means Committee including ranking member Representative Sander Levin (D-Mich.) but does not currently have the support of the Republican majority.
