IN THE SENATE OF THE UNITED STATES
October 12, 2011
Mr. Webb (for himself and Mr. Warner) introduced the following bill; which was read twice and referred to the Committee on Finance
To amend the Internal Revenue Code of 1986 to allow rehabilitation expenditures for public school buildings to qualify for rehabilitation credit.
This Act may be cited as the
Rehabilitation of Historic Schools Act
Qualification of rehabilitation expenditures for public school buildings for rehabilitation credit
Section 47(c)(2)(B)(v) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subclause:
Clause not to apply to public schools
This clause shall not apply in the case of any building which is a qualified public educational facility (as defined in section 142(k)(1), determined without regard to subparagraph (B) thereof) and used as such during some period before such expenditure and used as such immediately after such expenditure.
Not later than the date which is 5 years after the date of the enactment of this Act, the Secretary of the Treasury, after consultation with the heads of appropriate Federal agencies, shall report to Congress on the effects resulting from the amendment made by subsection (a).
The amendment made by this section shall apply to property placed in service after the date of the enactment of this Act.