I 
110TH CONGRESS 
1ST SESSION H. R. 2470 
To amend the Internal Revenue Code of 1986 to expand the incentives 
for the construction and renovation of public schools. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 24, 2007 
Mr. RANGEL (for himself, Mr. RAMSTAD, Mr. ETHERIDGE, Mr. ABER-
CROMBIE, Mr. ANDREWS, Mr. ARCURI, Mr. BACA, Mr. BARROW, Mr. 
BECERRA, Ms. BERKLEY, Mr. BERMAN, Mr. BERRY, Mr. BISHOP of 
Georgia, Mr. BISHOP of New York, Mr. BLUMENAUER, Mr. BOSWELL, 
Mr. BOUCHER, Mrs. BOYDA of Kansas, Mr. BRALEY of Iowa, Ms. 
CORRINE BROWN of Florida, Mr. BUTTERFIELD, Mrs. CAPITO, Mrs. 
CAPPS, Mr. CARDOZA, Ms. CASTOR, Mr. CHANDLER, Ms. CLARKE, Mr. 
CLAY, Mr. CLEAVER, Mr. CONYERS, Mr. CROWLEY, Mr. CUELLAR, Mr. 
CUMMINGS, Mr. DAVIS of Alabama, Mr. DAVIS of Illinois, Mr. LINCOLN 
DAVIS of Tennessee, Mrs. DAVIS of California, Mr. DEFAZIO, Ms. 
DELAURO, Mr. DICKS, Mr. DOYLE, Mr. EDWARDS, Mr. ELLISON, Mr. 
EMANUEL, Mr. ENGEL, Mr. ENGLISH of Pennsylvania, Ms. ESHOO, Mr. 
FARR, Mr. FERGUSON, Mr. FILNER, Mrs. GILLIBRAND, Mr. GONZALEZ, 
Mr. GORDON of Tennessee, Mr. AL GREEN of Texas, Mr. GENE GREEN 
of Texas, Mr. GRIJALVA, Mr. HARE, Mr. HASTINGS of Florida, Ms. 
HERSETH SANDLIN, Mr. HIGGINS, Mr. HINOJOSA, Ms. HIRONO, Mr. 
HOLDEN, Mr. HOLT, Mr. HONDA, Ms. HOOLEY, Mr. INSLEE, Mr. 
ISRAEL, Ms. JACKSON-LEE of Texas, Mr. JEFFERSON, Ms. EDDIE BER-
NICE JOHNSON of Texas, Mr. KAGEN, Mr. KILDEE, Ms. KILPATRICK, Mr. 
KIND, Mr. KUCINICH, Mr. LAHOOD, Mr. LAMPSON, Mr. LARSON of Con-
necticut, Mr. LEVIN, Mr. LEWIS of Georgia, Mr. LOBIONDO, Mr. 
LOEBSACK, Mrs. LOWEY, Mr. LYNCH, Mrs. MALONEY of New York, Mr. 
MATHESON, Ms. MATSUI, Mrs. MCCARTHY of New York, Ms. MCCOLLUM 
of Minnesota, Mr. MCDERMOTT, Mr. MCGOVERN, Mr. MCHUGH, Mr. 
MCINTYRE, Mr. MCNULTY, Mr. MEEHAN, Mr. MEEK of Florida, Mr. 
MICHAUD, Mr. MILLER of North Carolina, Mr. GEORGE MILLER of Cali-
fornia, Mr. MOORE of Kansas, Mr. MORAN of Virginia, Mr. NADLER, 
Mrs. NAPOLITANO, Mr. NEAL of Massachusetts, Ms. NORTON, Mr. 
OLVER, Mr. ORTIZ, Mr. PALLONE, Mr. PASCRELL, Mr. PASTOR, Mr. 
PAYNE, Mr. PERLMUTTER, Mr. POMEROY, Mr. PRICE of North Carolina, 
Mr. RAHALL, Mr. REYES, Mr. RODRIGUEZ, Mr. ROSS, Mr. ROTHMAN, 
Mr. RUPPERSBERGER, Mr. RUSH, Mr. SALAZAR, Ms. LINDA T. SA´NCHEZ 
of California, Ms. LORETTA SANCHEZ of California, Mr. SAXTON, Ms. 
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SCHAKOWSKY, Ms. SCHWARTZ, Mr. SCOTT of Virginia, Mr. SCOTT of 
Georgia, Ms. SHEA-PORTER, Mr. SHERMAN, Mr. SHULER, Mr. SIMPSON, 
Ms. SLAUGHTER, Mr. SMITH of Washington, Mr. SPRATT, Mr. STARK, 
Ms. SUTTON, Mrs. TAUSCHER, Mr. TERRY, Mr. THOMPSON of Mis-
sissippi, Mr. THOMPSON of California, Mr. TIERNEY, Mrs. JONES of 
Ohio, Mr. UDALL of New Mexico, Mr. VAN HOLLEN, Ms. WASSERMAN 
SCHULTZ, Ms. WATSON, Mr. WATT, Mr. WAXMAN, Mr. WELLER of Illi-
nois, Mr. WEXLER, Ms. WOOLSEY, Mr. WU, and Mr. WYNN) introduced 
the following bill; which was referred to the Committee on Ways and 
Means, and in addition to the Committee on Education and Labor, for 
a period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
A BILL 
To amend the Internal Revenue Code of 1986 to expand 
the incentives for the construction and renovation of 
public schools. 
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 2007’’. 
SEC. 2. EXPANSION OF INCENTIVES FOR PUBLIC SCHOOLS. 
(a) IN GENERAL.—Part IV of subchapter A of chap-
ter 1 of the Internal Revenue Code of 1986 (relating to 
credits against tax) is amended by adding at the end the 
following new subpart: 
‘‘Subpart I—Public School Modernization Bonds 
‘‘Sec. 54A. Credit to holders of qualified public school modernization bonds. 
‘‘Sec. 54B. Qualified school construction bonds. 
‘‘Sec. 54C. Qualified zone academy bonds. 
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‘‘SEC. 54A. CREDIT TO HOLDERS OF QUALIFIED PUBLIC 
SCHOOL MODERNIZATION BONDS. 
‘‘(a) ALLOWANCE OF CREDIT.—If a taxpayer holds 
a qualified public school modernization bond on one or 
more credit allowance dates of the bond during any tax-
able year, there shall be allowed as a credit against the 
tax imposed by this chapter for the taxable year an 
amount equal to the sum of the credits determined under 
subsection (b) with respect to such dates. 
‘‘(b) AMOUNT OF CREDIT.— 
‘‘(1) IN GENERAL.—The amount of the credit 
determined under this subsection with respect to any 
credit allowance date for a qualified public school 
modernization bond is 25 percent of the annual 
credit determined with respect to such bond. 
‘‘(2) ANNUAL CREDIT.—The annual credit de-
termined with respect to any qualified public school 
modernization bond is the product of— 
‘‘(A) the applicable credit rate, multiplied 
by 
‘‘(B) the outstanding face amount of the 
bond. 
‘‘(3) APPLICABLE CREDIT RATE.—For purposes 
of paragraph (2), the applicable credit rate is the 
rate which the Secretary or the Secretary’s designee 
estimates will permit the issuance of qualified public 
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