WASHINGTON — An overwhelming majority of Build America Bond subsidy payments have been paid in full to BAB issuers, suggesting that concerns about offsets are dramatically overblown, according to new data on state issuers compiled by the Internal Revenue Service and prepared remarks expected to be delivered this morning by a top Treasury Department official.
The data, which will be presented in a speech by Alan Krueger, Treasury's assistant secretary for economic policy, indicates that just $300,000 of the $626.45 million in BAB subsidy requests the IRS has received from states as of Aug. 6 has been withheld to offset outstanding tax revenue the issuer owed the federal government. That represents a 99.95% payment rate, according to the IRS figures obtained by The Bond Buyer Friday.
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