Describes law passed by Congress to unclog the markets for Qualified School Construction Bonds (QSCBs), Qualified Zone Academy Bonds (QZABs), Qualified Energy Conservation Bonds (QECBs) and New Clean Renewable Energy Bonds (NCREBs). For such bonds issued after December 31, 2009, the issuer can elect to receive a direct subsidy from the federal government in lieu of the tax credit otherwise available to bondholders. For QSCBs and QZABs, the federal payments are 100 percent of the lesser of the interest payments on the bonds or the otherwise available tax credits. For QECBs and NCREBs, the federal payments are 70 percent of the lesser of the interest payments on the bonds or the otherwise available tax credits.
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