S. 2021 · 110th Congress
Build America Bonds Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WydenSponsor7 cosponsors · 2 D, 5 R
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Build America Bonds Act of 2007 - Amends the Internal Revenue Code to allow an income tax credit to a taxpayer holding a Build America bond on one or more of its credit allowance dates.
What it does: CRS summary · Introduced in Senate · Sep 6, 2007
Build America Bonds Act of 2007 - Amends the Internal Revenue Code to allow an income tax credit to a taxpayer holding a Build America bond on one or more of its credit allowance dates.
Defines a "Build America bond" as any bond issued by the Transportation Finance Corporation as part of an issue if 95% or more of the proceeds from such issue are to be used for expenditures incurred for one or more qualified projects. Requires proceeds from the sale of bonds issued under this Act to be held in a Build America Bonds Trust Account.
Defines "qualified project" as the capital improvements to any transportation infrastructure project (including roads, bridges, rail and transit systems, ports, and inland waterways) proposed by one or more states and approved by the Transportation Finance Corporation.
Grants Congress' consent and recognition to the establishment by two or more state infrastructure banks of the Transportation Finance Corporation. Authorizes the Transportation Finance Corporation to: (1) issue Build America bonds for the financing of qualified projects; (2) establish and operate the Build America Bonds Trust Account; (3) leverage resources and stimulate public and private investment in transportation infrastructure; and (4) perform any other function the sole purpose of which is to carry out the financing of qualified projects through Build America bonds.
Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to extend certain customs fees for the processing of merchandise entered into the United States through October 14, 2026.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Build America Bonds Act of 2007
Latest action (Sep 6, 2007): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Sep 6, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.