House Resolution 5893 was introduced in the United States House of Representatives on July 28, 2010, in an effort to continue sparking the economy through various governmental incentives. Entitled “Investing in American Jobs and Closing Tax Loopholes Act of 2010,” the Resolution covers an assortment of incentives. Specifically, the Resolution would:
- Extend the Build America Bonds program for two years (through 2012) and allow issuers to issue Build American Bonds to effect a current refunding of outstanding Build America Bonds;
- Make additional allocation of Recovery Zone bonds to ensure that each 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; and
- Exclude bonds financing facilities that furnish water and sewage facilities from state volume caps. It would also exclude such bonds from certain limitations on tribal government issuances.
The US House of Representatives began debate on this resolution on July 29, 2010. No formal actions, however, have been taken at this time.
Source: US House of Representatives Committee on Ways and Means