I 
111TH CONGRESS 
1ST SESSION H. R. 4292 
To amend the Internal Revenue Code of 1986 to allow a refundable credit 
to the issuers of qualified zone academy bonds and qualified school 
construction bonds. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 11, 2009 
Mr. CHILDERS introduced the following bill; which was referred to the 
Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to allow a 
refundable credit to the issuers of qualified zone academy 
bonds and qualified school construction bonds. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘America’s Better 
Classrooms Act of 2009’’. 
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SEC. 2. ISSUER ALLOWED REFUNDABLE CREDIT FOR 
QUALIFIED 
ZONE 
ACADEMY 
BONDS 
AND 
QUALIFIED SCHOOL CONSTRUCTION BONDS. 
(a) IN GENERAL.—Section 6431 of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new subsection: 
‘‘(f) APPLICATION OF SECTION TO QUALIFIED ZONE 
ACADEMY BONDS AND QUALIFIED SCHOOL CONSTRUC-
TION BONDS.— 
‘‘(1) IN GENERAL.—In the case of any specified 
tax credit bond— 
‘‘(A) such bond shall be treated as a quali-
fied bond for purposes of this section, 
‘‘(B) subsection (a) shall be applied with-
out regard to the requirement that the qualified 
bond be issued before January 1, 2011, 
‘‘(C) the amount of the payment deter-
mined under subsection (b) with respect to any 
interest payment date under such bond shall be 
equal to the lesser of— 
‘‘(i) the amount of interest payable 
under such bond on such date, or 
‘‘(ii) the amount of interest which 
would have been payable under such bond 
on such date if such interest were deter-
mined at the applicable credit rate deter-
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mined under section 54A(b)(3) with re-
spect to such bond, 
‘‘(D) interest on any such bond shall be in-
cludible in gross income for purposes of this 
title, and 
‘‘(E) no credit shall be allowed under sec-
tion 54A with respect to such bond. 
‘‘(2) SPECIFIED TAX CREDIT BOND.—For pur-
poses of this subsection, the term ‘specified tax cred-
it bond’ means any qualified tax credit bond (as de-
fined in section 54A(d)) if— 
‘‘(A) such bond is a qualified zone acad-
emy bond (as defined in section 54E) or a 
qualified school construction bond (as defined in 
section 54F), and 
‘‘(B) the issuer of such bond makes an ir-
revocable election to have this subsection 
apply.’’. 
(b) TECHNICAL CORRECTIONS RELATING TO QUALI-
FIED SCHOOL CONSTRUCTION BONDS.— 
(1) The second sentence of section 54F(d)(1) of 
such Code is amended by striking ‘‘by the State’’ 
and inserting ‘‘by the State education agency (or 
such other agency as is authorized under State law 
to make such allocation)’’. 
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