Rebuilding America's Schools Act

Bill: 114-s-1753
Sponsor: full_name: Sen. Brown, Sherrod [D-OH]
Introduced: 2015-07-13
Policy area: Taxation
Subjects: Building construction

Educational facilities and institutions

Elementary and secondary education

Income tax credits

Securities
Latest action: action_date: 2015-07-13
text: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S5010)

Summaries:
action_date: 2015-07-13
action_desc: Introduced in Senate
text: <p><strong>Rebuilding America's Schools Act</strong></p> <p>This bill amends the Internal Revenue Code, with respect to qualified zone academy bonds issued to finance public school facilities, to: (1) extend the&nbsp;national limitation amount for&nbsp;such bonds through calendar year 2014 and then increase such amount and make it permanent after calendar year 2014, (2) expand the enumerated purposes of such bonds to include the&nbsp;construction of public school facilities in a qualified zone academy, (3) lower the private business contribution requirement for such bonds from 10% to 5% of the proceeds of the bond issue, and (4) designate such bonds as specified tax credit bonds.</p>

tv_txt: II 114th CONGRESS 1st Session S. 1753 IN THE SENATE OF THE UNITED STATES July 13, 2015 Mr. Brown 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 modify and permanently extend qualified zone academy bonds, and to treat such bonds as specified tax credit bonds.

1. Short title This Act may be cited as the Rebuilding America's Schools Act . 2. Enhancement of qualified zone academy bonds (a) In general Paragraph (1) of section 54E(c) of the Internal Revenue Code of 1986 is amended by striking and $400,000,000 for 2011 and all that follows through the period and inserting the following: $400,000,000 for 2011, 2012, 2013, and 2014, and $1,400,000,000 for each calendar year after 2014. . (b) Construction of a public school facility Subparagraph (A) of section 54E(d)(3) of the Internal Revenue Code of 1986 is amended by striking rehabilitating or repairing and inserting constructing, rehabilitating, or repairing . (c) Adjustment of private business contribution requirement Subsection (b) of section 54E of the Internal Revenue Code of 1986 is amended by striking 10 percent and inserting 5 percent . (d) Specified tax credit bond Clause (iii) of section 6431(f)(3)(A) of the Internal Revenue Code of 1986 is amended to read as follows: (iii) a qualified zone academy bond (as defined in section 54E), or . (e) Effective date The amendments made by this section shall apply to obligations issued after December 31, 2014.