I 

112TH CONGRESS 

1ST SESSION H. R. 2394 

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 HOUSE OF REPRESENTATIVES 

JUNE 24, 2011 

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Rebuilding America’s 

5 Schools Act’’. 


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1 SEC. 2. EXTENSION OF QUALIFIED SCHOOL CONSTRUCTION 

2 BONDS. 

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

4 the Internal Revenue Code of 1986 is amended— 

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

6 2014, and 2015, and’’ after ‘‘$11,000,000,000 for 

7 2009’’ in paragraph (1), 

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

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

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

11 paragraph (2), as so redesignated. 

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

13 this section shall apply to obligations issued after the date 

14 of the enactment of this Act. 

15 SEC. 3. EXTENSION OF AND MODIFICATIONS RELATING TO 

16 QUALIFIED ZONE ACADEMY BONDS. 

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

18 Revenue Code of 1986, as amended by the Tax Relief, Un19 employment Insurance Reauthorization, and Job Creation 

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

21 $1,400,000,000 for 2009 and 2010, and $400,000,000 for 

22 2011’’ and inserting ‘‘2008 and $1,400,000,000 for 2009, 

23 2010, 2011, 2012, 2013, 2014, and 2015’’. 

24 (b) REINSTATEMENT OF REFUNDABLE CREDIT FOR

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

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


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1 allocation relating to the national zone academy bond limi2 tation for 2011 or any carryforward of such allocation’’ 

3 in subparagraph (A)(iii). 

4 (c) BOND PROCEEDS AVAILABLE FOR CONSTRUC5 TION.—Paragraph (3) of section 54E(d) of such Code is 

6 amended by striking ‘‘rehabilitating or repairing’’ and in7 serting ‘‘constructing, rehabilitating, or repairing’’. 

8 (d) MODIFICATION OF PRIVATE BUSINESS CON9 TRIBUTION REQUIREMENT.—Subsection (b) of section 

10 54E of such Code is amended— 

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

12 agency’’ and inserting ‘‘if— 

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

14 (2) by striking the period at the end and insert15 ing ‘‘, or 

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

17 issues through the acquisition by, or the sponsorship 

18 or assistance of, a private, nonprofit corporation es19 tablished in the District of Columbia and specifically 

20 recognized by Congress for the purpose of leveraging 

21 resources and stimulating private investment in edu22 cation technology infrastructure.’’. 

23 (e) EFFECTIVE DATES.— 

24 (1) IN GENERAL.—Except as provided in para25 graph (2), the amendments made by this section 


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1 shall apply to obligations issued after the date of the 

2 enactment of this Act. 

3 (2) INCREASED NATIONAL LIMITATION FOR

4 2011.—The amendments made by subsections (a) 

5 shall apply to obligations issued after December 31, 

6 2010. 

Æ 


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