S.Amdt. 1648

SA 1648. Mr. BROWN submitted an amendment intended to be proposed by
him to the bill H.R. 1, to provide for reconciliation pursuant to
titles II and V of the concurrent resolution on the budget for fiscal
year 2018; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. EXPANSION OF QUALIFIED ZONE ACADEMY BONDS.

(a) In General.--
(1) Construction of a public school facility.--Subparagraph
(A) of section 54E(d)(3) is amended by striking
``rehabilitating or repairing'' and inserting ``constructing,
rehabilitating, retrofitting, or repairing''.
(2) Removal of private business contribution requirement.--
Section 54E is amended--
(A) in subsection (a)(3)--
(i) in subparagraph (A), by inserting ``and'' at the end;
(ii) by striking subparagraph (B); and
(iii) by redesignating subparagraph (C) as subparagraph
(B);
(B) by striking subsection (b) and redesignating
subsections (c) and (d) as subsections (b) and (c),
respectively; and
(C) in paragraph (1) of subsection (b) (as so
redesignated)--
(i) by striking ``and $400,000,0000'' and inserting
``$400,000,000''; and
(ii) by striking ``and, except as provided'' and all that
follows through the period at the end and inserting ``, and
$1,400,000,000 for 2018 and each year thereafter.''.
(3) Effective date.--The amendments made by this subsection
shall apply to obligations issued after December 31, 2017.
(b) Adjustment to Corporate Tax Rate.--
(1) In general.--Section 11(b), as amended by section 13001
of this Act, is amended by striking ``20 percent'' and
inserting ``21 percent''.
(2) Effective date.--The amendments made by this subsection
shall apply to taxable years beginning after December 31,
2018.
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