Republicans have yet to pass a single jobs bill, despite being presented with a steady stream of measures with a proven track record. Take the Building American Jobs Act of 2011, which Ways and Means Committee Democrats introduced in March. The legislation would extend eight tax preferred financing provisions for states and municipalities, anchored by the wildly successful Build America Bonds program, which expired at the end of last year after helping to finance $181 billion in infrastructure projects since 2009. Yet Republicans have opted to not only to ignore these important measure - but also any legislation that would boost job creation.
Build America Bonds (“BABs")
Extend the program through 2012, with a 32 percent subsidy rate in 2011, and 31 percent subsidy rate in 2012. BABs spur job creation and unleash private-sector investments by helping state and local governments finance infrastructure projects - building schools, hospitals, transit systems, and water systems. A state-by-state guide to Build America Bonds financing in 2009 and 2010.
Recovery Zone Bonds
Make an additional allocation of Recovery Zone bonds to ensure that each local municipality receives a minimum allocation equal to at least its share of national unemployment in December 2009. The bill would also extend the authorization for issuing Recovery Zone bonds through 2011.
Water & Sewer Bonds
Exempt water and sewer projects from private activity bond cap. The bill would exclude bonds financing facilities that furnish water and sewage facilities from state volume caps. The bill would also exclude bonds financing facilities that furnish water and sewage facilities from certain limitations on tribal government issuances.
AMT/Private Activity Bonds
Extend both provisions for one year (i.e., exempt from AMT tax-exempt private activity bonds issued in 2011 and current refunding of private activity bonds issued after 2003 and refunded during 2011).
New Markets Tax Credit
Allow NMTC to be claimed against the AMT with respect to qualified investments made between March 15, 2010 and Jan. 1, 2012.
Federal Home Loan Bank Bond Guarantees
Extends ability of FHLBs to guarantee tax-exempt bonds through 2011.
Small Issuer Exception for Bank-Qualified Bonds
Extends the ability of financial institutions to purchase tax-exempt bonds of up to $30 million per issuer (from $10 million) through 2011.
Low-Income Housing Tax Credit (LIHTC) Exchange Program
Extends the ability of states to receive a portion of their LIHTC allocation as a direct payment through 2011.
