Indian School Construction Act of 2003

Bill: 108-hr-410
Sponsor: Rep. Carson, Brad [D-OK-2]
Introduced: 2003-01-28 in the House
Policy area: Native Americans
Subjects: Bonds
Building construction
Construction costs
Economics and Public Finance
Education
Elementary and secondary education
Finance and Financial Sector
Government securities
Income tax
Indian education
Maintenance and repair
Minorities
Mutual funds
Planning
School buildings
Secondary education
Tax credits
Taxation

Summary:
action_date: 2003-01-28
text: Indian School Construction Act of 2003 - Directs the Secretary of the Interior to establish a pilot program under which eligible Indian tribes have the authority to issue tribal school modernization bonds to provide funding for the construction, rehabilitation, or repair of tribal schools, including advance planning and design.
Permits a tribe to use amounts received through the issuance of a bond to enter into and make payments under contracts: (1) for the design and engineering of the school; and (2) with financial advisors, underwriters, attorneys, trustees, and other professionals who would be able to provide assistance to the tribe in issuing bonds.
Makes any tribal school modernization bond issued by a tribe subject to a trust agreement.
Authorizes the Secretary to deposit not more than $30 million each fiscal year into a tribal school modernization escrow account beginning in FY 2004 from amounts made available for school replacement under the construction account of the Bureau of Indian Affairs. Requires the Secretary to use any amounts deposited to make payments to trustees or for advance planning and design.
Declares that no bond shall be an obligation of, nor shall payment of the principal be guaranteed by the United States. Provides that any amounts earned through the investment of funds under the control of a trustee shall not be subject to Federal income tax.
Amends the Internal Revenue Code to allow a tax credit to individuals who hold such bonds. Permits a separation (including at issuance) of the ownership of such a bond and the entitlement to the credit with respect to such bond.

Legislative actions:
action_date: 2003-03-03
text: Referred to the Subcommittee on Education Reform.
action_date: 2003-02-12
text: Executive Comment Requested from Interior.
action_date: 2003-01-28
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Resources, 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 committee concerned.
action_date: 2003-01-28
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Resources, 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 committee concerned.
action_date: 2003-01-28
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Resources, 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 committee concerned.
action_date: 2003-01-28
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Resources, 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 committee concerned.
action_date: 2003-01-28
text: Introduced in House
action_date: 2003-01-28
text: Introduced in House