WASHINGTON — The vast majority of early Build America Bond subsidy payments were processed in a timely and accurate manner during the first five months of the program, with no evidence of fraud or errors, according to a new report.

The report, from the Treasury Inspector General for Tax Administration, was dated July 14 but not publicly released until this week. It analyzed 80 subsidy payment requests from BAB issuers totaling over $110 million that the Internal Revenue Service received from May through September 2009.

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