Florida, a frequent issuer of federally subsidized Build America Bonds, is temporarily suspending its use of the highly successful program, state Finance Director Ben Watkins said Thursday.

Mr. Watkins told a Florida municipal bond conference, and then Dow Jones in a telephone interview, that he is “uncomfortable” with an Internal Revenue Service “offset” rule that he believes would let the federal government subtract from the bond subsidy any money the state may owe it for other programs, such as Medicaid or Medicare.

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