I
112th CONGRESS
1st Session
H. R. 2394
IN THE HOUSE OF REPRESENTATIVES
June 24, 2011
Mr. Rangel (for himself and Mr. Polis) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code to extend qualified school construction bonds and qualified zone academy bonds, to treat qualified zone academy bonds as specified tax credit bonds, and to modify the private business contribution requirement for qualified zone academy bonds.
Short title
This Act may be cited as the
Rebuilding America’s Schools
Act
.
Extension of qualified school construction bonds
In general
Subsection (c) of section 54F of the Internal Revenue Code of 1986 is amended—
by inserting
, 2010, 2011, 2012, 2013, 2014, and 2015, and
after
$11,000,000,000 for 2009
in paragraph (1),
by striking paragraph (2) and redesignating paragraph (3) as paragraph (2), and
by striking
2010
and inserting 2015
in paragraph (2), as so
redesignated.
Effective date
The amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.
Extension of and modifications relating to qualified zone academy bonds
Extension
Section
54E(c)(1) of the Internal Revenue Code of 1986, as amended by the Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act of 2010, is
amended by striking 2008, $1,400,000,000 for 2009 and 2010, and
$400,000,000 for 2011
and inserting 2008 and $1,400,000,000 for
2009, 2010, 2011, 2012, 2013, 2014, and 2015
.
Reinstatement of refundable credit for QZABs
Paragraph (3) of section 6431(f) of
such Code is amended by striking determined without regard to any
allocation relating to the national zone academy bond limitation for 2011 or
any carryforward of such allocation
in subparagraph (A)(iii).
Bond proceeds available for construction
Paragraph (3) of section 54E(d) of
such Code is amended by striking rehabilitating or repairing
and
inserting constructing, rehabilitating, or repairing
.
Modification of private business contribution requirement
Subsection (b) of section 54E of such Code is amended—
by striking
if the eligible local education agency
and
inserting
if—
the eligible local education agency
, and
by striking the period at the end and inserting
, or
the issue will be pooled with other such issues through the acquisition by, or the sponsorship or assistance of, a private, nonprofit corporation established in the District of Columbia and specifically recognized by Congress for the purpose of leveraging resources and stimulating private investment in education technology infrastructure.
.
Effective dates
In general
Except as provided in paragraph (2), the amendments made by this section shall apply to obligations issued after the date of the enactment of this Act.
Increased national limitation for 2011
The amendments made by subsections (a) shall apply to obligations issued after December 31, 2010.