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Text of the America’s Better Classrooms Act of 2009

This bill was introduced on December 11, 2009, in a previous session of Congress, but was not enacted. The text of the bill below is as of Dec 11, 2009 (Introduced).

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Source: GPO

I

111th CONGRESS

1st Session

H. R. 4292

IN THE HOUSE OF REPRESENTATIVES

December 11, 2009

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

A BILL

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.

1.

Short title

This Act may be cited as the America’s Better Classrooms Act of 2009.

2.

Issuer allowed refundable credit for qualified zone academy bonds and qualified school construction bonds

(a)

In general

Section 6431 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(f)

Application of section to qualified zone academy bonds and qualified school construction bonds

(1)

In general

In the case of any specified tax credit bond—

(A)

such bond shall be treated as a qualified bond for purposes of this section,

(B)

subsection (a) shall be applied without regard to the requirement that the qualified bond be issued before January 1, 2011,

(C)

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—

(i)

the amount of interest payable under such bond on such date, or

(ii)

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,

(D)

interest on any such bond shall be includible in gross income for purposes of this title, and

(E)

no credit shall be allowed under section 54A with respect to such bond.

(2)

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—

(A)

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

(B)

the issuer of such bond makes an irrevocable election to have this subsection apply.

.

(b)

Technical corrections relating to qualified school construction bonds

(1)

The second sentence of section 54F(d)(1) of such Code is amended by striking by the State and inserting by the State education agency (or such other agency as is authorized under State law to make such allocation).

(2)

The second sentence of section 54F(e) of such Code is amended by striking subsection (d)(4) and inserting paragraphs (2) and (4) of subsection (d).

(c)

Effective date

(1)

In general

Except as otherwise provided in this subsection, the amendment made by this section shall apply to bonds issued after December 31, 2009.

(2)

Technical corrections

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.