Build America Extension Left Out of Bill to Block Tax Increases
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The U.S. Senate kept a continuation of the Build America Bond program out of a bill to extend income-tax cuts made in 2001 and 2003, according to a draft of the legislation.
The federal subsidy for debt to finance bridges, roads and other infrastructure wasn’t among changes made to win support for the measure, the text released last night shows. The subsidy pays 35 percent of the interest on qualified state and local government bonds. At least nine Democrats sought to attach an extension of the program, which ends Dec. 31, to the tax bill.