II 

112TH CONGRESS 

1ST SESSION S. 796 

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. 

IN THE SENATE OF THE UNITED STATES 

APRIL 12, 2011 

Mr. ROCKEFELLER (for himself, Mr. KERRY, Mr. HARKIN, Mr. BEGICH, and 

Mr. JOHNSON of South Dakota) introduced the following bill; which was 

read twice and referred to the Committee on Finance 

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 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. EXTENSION OF QUALIFIED SCHOOL CON4 STRUCTION BONDS. 

5 (a) IN GENERAL.—Subsection (c) of section 54F of 

6 the Internal Revenue Code of 1986 is amended— 


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•S 796 IS

1 (1) by inserting ‘‘, 2010, 2011, 2012, 2013, 

2 2014, and 2015, and’’ after ‘‘$11,000,000,000 for 

3 2009’’ in paragraph (1), 

4 (2) by striking paragraph (2) and redesignating 

5 paragraph (3) as paragraph (2), and 

6 (3) by striking ‘‘2010’’ and inserting ‘‘2015’’ in 

7 paragraph (2), as so redesignated. 

8 (b) EFFECTIVE DATE.—The amendments made by 

9 this section shall apply to obligations issued after Decem10 ber 31, 2010. 

11 SEC. 2. EXTENSION OF AND MODIFICATIONS RELATING TO 

12 QUALIFIED ZONE ACADEMY BONDS. 

13 (a) EXTENSION.—Section 54E(c)(1) of the Internal 

14 Revenue Code of 1986, as amended by the Tax Relief, Un15 employment Insurance Reauthorization, and Job Creation 

16 Act of 2010, is amended by striking ‘‘2008, 

17 $1,400,000,000 for 2009 and 2010, and $400,000,000 for 

18 2011’’ and inserting ‘‘2008 and $1,400,000,000 for 2009, 

19 2010, 2011, 2012, 2013, 2014, and 2015’’. 

20 (b) REINSTATEMENT OF REFUNDABLE CREDIT FOR

21 QZABS.—Paragraph (3) of section 6431(f) of such Code 

22 is amended by striking ‘‘determined without regard to any 

23 allocation relating to the national zone academy bond limi24 tation for 2011 or any carryforward of such allocation’’ 

25 in subparagraph (A)(iii). 


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•S 796 IS

1 (c) MODIFICATION OF PRIVATE BUSINESS CON2 TRIBUTION REQUIREMENT.—Subsection (b) of section 

3 54E of such Code is amended— 

4 (1) by striking ‘‘if the eligible local education 

5 agency’’ and inserting ‘‘if— 

6 ‘‘(1) the eligible local education agency’’, and 

7 (2) by striking the period at the end and insert8 ing ‘‘, or 

9 ‘‘(2) the issue will be pooled with other such 

10 issues through the acquisition by, or the sponsorship 

11 or assistance of, a private, nonprofit corporation es12 tablished in the District of Columbia and specifically 

13 recognized by Congress for the purpose of leveraging 

14 resources and stimulating private investment in edu15 cation technology infrastructure.’’. 

16 (d) EFFECTIVE DATES.— 

17 (1) IN GENERAL.—Except as provided in para18 graph (2), the amendments made by this section 

19 shall apply to obligations issued after December 31, 

20 2010. 

21 (2) MODIFICATION OF PRIVATE BUSINESS CON22 TRIBUTION REQUIREMENT.—The amendments made 

23 by subsection (c) shall apply to obligations issued 

24 after the date of the enactment of this Act. 

Æ 


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