WASHINGTON — Senate Finance Committee Chairman Max Baucus on Thursday proposed to extend the Build America Bonds program for only one year in legislation he unveiled that would extend several expiring or expired bond and tax provisions.

The Montana Democrat introduced the Job Creation and Tax Cuts Act, which includes a provision that would extend BABs through 2011 at a 32% subsidy rate. That’s half as long as comparable legislation introduced in the House, which would have extended the program for two years and provided a 32% subsidy rate for BABs issued in 2011 and 30% rate for those sold in 2012.

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