S. 796Senate112th Congress (2011-2013)In Committee

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.

Introduced April 12, 2011

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance.

April 12, 2011

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SenateIntro Referral

Introduced in Senate

April 12, 2011

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S2395-2396)

April 12, 2011

SenateIntro Referral

Read twice and referred to the Committee on Finance.

April 12, 2011

Floor Debate

8 members

What members said about S. 796 on the floor

1 Republican7 Democrats
Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Apr 12, 2011

Mr. President, today I am introducing legislation that will stop businesses from deducting costs that result from their misconduct as a cost of doing business under our tax laws. Under current law, a…

Mark L. Pryor
Sen. Mark L. PryorD-AR · Apr 12, 2011

Mr. President, I want to talk just for a few minutes about an incident that is unfolding in Arkansas, and that I am sure is unfolding in other States as well. Less than 2 weeks ago, a 73-year-old…

Tom Udall
Sen. Tom UdallD-NM · Apr 12, 2011

Mr. President, I rise today to introduce the Radiation Exposure Compensation Act Amendments of 2011. The Radiation Exposure Compensation Act, known as RECA, was first passed in 1990 after years of…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Apr 12, 2011

Mr. President. I rise to join Senators Carper, Lieberman, and Brown in introducing a bill that would bring more management and oversight of major information technology, IT, investments across the…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Apr 12, 2011

Mr. President, I rise today to reintroduce the Federal Supervisor Training Act. Properly trained supervisors are critical to the federal government's ability to efficiently and effectively provide…

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Tom Harkin
Sen. Tom HarkinD-IA · Apr 12, 2011

Mr. President, today Americans observe Equal Pay Day--the date that marks the extra days that women must work into 2011 in order to equal what men earned in 2010. On this day, I am proud to introduce…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Apr 12, 2011

Mr. President, today, along with my colleagues Senator Kerry of Massachusetts, Senator Harkin of Iowa, Senator Begich of Alaska, and Senator Johnson of South Dakota, I am introducing legislation to…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Apr 12, 2011

Mr. President, today, along with my colleagues Senator Kerry of Massachusetts, Senator Harkin of Iowa, Senator Begich of Alaska, and Senator Johnson of South Dakota, I am introducing legislation to…

Barbara A. Mikulski
Sen. Barbara A. MikulskiD-MD · Apr 12, 2011

Mr. President, I rise today to reintroduce the Paycheck Fairness Act, an important piece of legislation that is even more poignant today, Equal Pay Day, which is the day in 2011 where women earn as…

Bill Text

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Introduced in SenateIssued April 12, 2011

II

112th CONGRESS

1st Session

S. 796

IN THE SENATE OF THE UNITED STATES

April 12, 2011

Mr. Rockefeller (for himself, Mr. Kerry, Mr. Harkin, Mr. Begich, and Mr. Johnson of South Dakota) introduced the following bill; which was read twice and referred to the Committee on Finance

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.

1.

Extension of qualified school construction bonds

(a)

In general

Subsection (c) of section 54F of the Internal Revenue Code of 1986 is amended—

(1)

by inserting , 2010, 2011, 2012, 2013, 2014, and 2015, and after $11,000,000,000 for 2009 in paragraph (1),

(2)

by striking paragraph (2) and redesignating paragraph (3) as paragraph (2), and

(3)

by striking 2010 and inserting 2015 in paragraph (2), as so redesignated.

(b)

Effective date

The amendments made by this section shall apply to obligations issued after December 31, 2010.

2.

Extension of and modifications relating to qualified zone academy bonds

(a)

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.

(b)

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).

(c)

Modification of private business contribution requirement

Subsection (b) of section 54E of such Code is amended—

(1)

by striking if the eligible local education agency and inserting

if—

(1)

the eligible local education agency

, and

(2)

by striking the period at the end and inserting

, or

(2)

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.

.

(d)

Effective dates

(1)

In general

Except as provided in paragraph (2), the amendments made by this section shall apply to obligations issued after December 31, 2010.

(2)

Modification of private business contribution requirement

The amendments made by subsection (c) shall apply to obligations issued after the date of the enactment of this Act.