WASHINGTON — The House on Friday voted 215 to 204 to approve legislation that would extend the Build America Bond program for two years, while gradually reducing the subsidy payments the federal government makes to BAB issuers.

The American Jobs and Closing Tax Loopholes Act also would extend by one year the relaxed small issuer requirement for bank-qualified bonds; authorize an additional $25 billion of recovery zone bonds to be issued through 2011; exclude water and sewer exempt-facility bonds from state volume caps; and exempt private-activity bonds from the alternative minimum tax through 2011.

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