School Infrastructure Modernization Act of 2017

Bill: 115-s-1156
Sponsor: full_name: Sen. Kaine, Tim [D-VA]
Introduced: 2017-05-17
Policy area: Taxation
Subjects: Building construction

Educational facilities and institutions

Elementary and secondary education

Historic sites and heritage areas

Income tax credits
Latest action: action_date: 2017-05-17
text: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3013-3014)

Summaries:
action_date: 2017-05-17
action_desc: Introduced in Senate
text: <p><b>School Infrastructure Modernization Act of 2017</b></p> <p>This bill amends the Internal Revenue Code to allow rehabilitation expenditures for any building which is a qualified public educational facility to qualify for the rehabilitation tax credit. A &quot;qualified public educational facility&quot; is a school facility which is part of a public elementary or secondary school and is owned by a private, for-profit corporation pursuant to a public-private partnership agreement with a state or local educational agency.</p>

tv_txt: II 115th CONGRESS 1st Session S. 1156 IN THE SENATE OF THE UNITED STATES May 17, 2017 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.

1. Short title This Act may be cited as the School Infrastructure Modernization Act of 2017 . 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 any building which is a qualified public educational facility (as defined in section 142(k)(1), determined without regard to subparagraph (B) thereof) and used as such during some period before such expenditure and used as such immediately after such expenditure. . (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). (c) Effective date The amendment made by this section shall apply to property placed in service after the date of the enactment of this Act.