School Infrastructure Modernization Act of 2023

Subjects: Taxation

Summary:  <p><strong>School Infrastructure Modernization Act of </strong><b>2023</b></p> <p>This bill allows rehabilitation expenditures for public school buildings to qualify for the rehabilitation tax credit.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1523 Introduced in Senate (IS)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                S. 1523

  To amend the Internal Revenue Code of 1986 to allow rehabilitation 
expenditures for public school buildings to qualify for rehabilitation 
                                credit.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 10, 2023

 Mr. Kaine (for himself and Mr. Warner) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to allow rehabilitation 
expenditures for public school buildings to qualify for rehabilitation 
                                credit.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``School Infrastructure Modernization 
Act of 2023''.

SEC. 2. QUALIFICATION OF REHABILITATION EXPENDITURES FOR PUBLIC SCHOOL 
              BUILDINGS FOR REHABILITATION CREDIT.

    (a) In General.--Section 47(c)(2)(B)(v) of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new 
subclause:
                                    ``(III) Clause not to apply to 
                                public schools.--This clause shall not 
                                apply in the case of the rehabilitation 
                                of any building which was used as a 
                                qualified public educational facility 
                                (as defined in section 142(k)(1), 
                                determined without regard to 
                                subparagraph (B) thereof) at any time 
                                during the 5-year period ending on the 
                                date that such rehabilitation begins 
                                and which is used as such a facility 
                                immediately after such 
                                rehabilitation.''.
    (b) Report.--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), including--
            (1) the number of qualified public education facilities 
        rehabilitated (stated separately with respect to each State) 
        and the number of students using such facilities (stated 
        separately with respect to each such State),
            (2) the number of qualified public education facilities 
        rehabilitated in low income communities (as defined in section 
        45D(e)(1) of the Internal Revenue Code of 1986) and the number 
        of students using such facilities,
            (3) the amount of qualified rehabilitation expenditures for 
        each qualified public education facility rehabilitated, and
            (4) and any other data determined by the Secretary to be 
        useful in evaluating the impact of such amendment.
    (c) Effective Date.--The amendment made by this section shall apply 
to property placed in service after December 31, 2023.
                                 &lt;all&gt;
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