< Back to H.R. 2394 (112th Congress, 2011–2013)

Text of the Rebuilding America’s Schools Act

This bill was introduced on June 24, 2011, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jun 24, 2011 (Introduced).

Source: GPO

I

112th CONGRESS

1st Session

H. R. 2394

IN THE HOUSE OF REPRESENTATIVES

June 24, 2011

(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.

1.

Short title

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

2.

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 the date of the enactment of this Act.

3.

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)

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.

(d)

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.

.

(e)

Effective dates

(1)

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.

(2)

Increased national limitation for 2011

The amendments made by subsections (a) shall apply to obligations issued after December 31, 2010.