H. R. 4292
IN THE HOUSE OF REPRESENTATIVES
December 11, 2009
Mr. Childers introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to allow a refundable credit to the issuers of qualified zone academy bonds and qualified school construction bonds.
This Act may be cited as the
America’s Better Classrooms Act of
Issuer allowed refundable credit for qualified zone academy bonds and qualified school construction bonds
Section 6431 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
Application of section to qualified zone academy bonds and qualified school construction bonds
In the case of any specified tax credit bond—
such bond shall be treated as a qualified bond for purposes of this section,
subsection (a) shall be applied without regard to the requirement that the qualified bond be issued before January 1, 2011,
the amount of the payment determined under subsection (b) with respect to any interest payment date under such bond shall be equal to the lesser of—
the amount of interest payable under such bond on such date, or
the amount of interest which would have been payable under such bond on such date if such interest were determined at the applicable credit rate determined under section 54A(b)(3) with respect to such bond,
interest on any such bond shall be includible in gross income for purposes of this title, and
no credit shall be allowed under section 54A with respect to such bond.
Specified tax credit bond
For purposes of this subsection, the term
specified tax credit bond means any qualified tax credit bond
(as defined in section 54A(d)) if—
such bond is a qualified zone academy bond (as defined in section 54E) or a qualified school construction bond (as defined in section 54F), and
the issuer of such bond makes an irrevocable election to have this subsection apply.
Technical corrections relating to qualified school construction bonds
sentence of section 54F(d)(1) of such Code is amended by striking
State and inserting
by the State education agency (or such other
agency as is authorized under State law to make such allocation).
sentence of section 54F(e) of such Code is amended by striking
subsection (d)(4) and inserting
paragraphs (2) and (4) of
Except as otherwise provided in this subsection, the amendment made by this section shall apply to bonds issued after December 31, 2009.
The amendments made by subsection (b) shall take effect as if included in section 1521 of the American Recovery and Reinvestment Tax Act of 2009.