### Question
Can you define what build America bond means?


### Answer
**Build America bond** is defined as the following in *26 U.S.C. § 54AA*:

> any obligation (other than a private activity bond) if—


(A) the interest on such obligation would (but for this section) be excludable from gross income under section 103,


(B) such obligation is issued before January 1, 2011, and


(C) the issuer makes an irrevocable election to have this section apply

#### Citation:
  - *26 U.S.C. § 54AA*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter A-Determination of Tax Liability > PART IV-CREDITS AGAINST TAX > Subpart J-Build America Bonds**

