WASHINGTON — Any congressional extension of the Build America Bonds program will likely come with a gradual drop in the subsidy rate, and lawmakers may never reduce the rate to the 28% the Obama administration proposed in its fiscal 2011 budget, the top lawyer for the House tax-writing committee told treasurers meeting here yesterday.

At the same meeting, a Treasury Department official said the Treasury’s initial guidance on how to strip tax credits from tax-credit bonds and sell them separately is in the final stages and should be out “very, very, very soon.”

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