WASHINGTON — Senate Republicans have proposed an alternative bill to extend expiring tax-law provisions that would not include Build America Bonds, a major difference from pending legislation, which would extend the BAB program by two years while gradually reducing its subsidy rate to 30% from 35%.

The Republican bill also does not include another provision in the pending legislation that would extend the two recovery zone bond programs by one year and allocate an additional $25 billion of bond authority for them.

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