H.R. 1629

Rebuilding America's Schools Act

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I

113th CONGRESS

1st Session

H. R. 1629

IN THE HOUSE OF REPRESENTATIVES

April 18, 2013

Mr. Rangel introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code to make permanent 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.

Short title

This Act may be cited as the Rebuilding America’s Schools Act.

2.

Qualified school construction bonds

(a)

In general

Subsection (c) of section 54F of the Internal Revenue Code of 1986 is amended to read as follows:

(c)

National limitation on amount of bonds designated

There is a national qualified school construction bond limitation for each calendar year after 2013 in the amount of $11,000,000,000.

.

(b)

Effective date

The amendment made by this section shall apply to obligations issued after December 31, 2013.

3.

Modifications relating to qualified zone academy bonds

(a)

Limitation made permanent

Paragraph (1) of section 54E(c) of the Internal Revenue Code of 1986 is amended to read as follows:

(1)

National limitation

There is a national zone academy bond limitation for each calendar year after 2013 in the amount of $1,400,000,000.

.

(b)

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.

(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 date

The amendments made by this section shall apply to obligations issued after December 31, 2013.