1. Short title
This Act may be cited as the “Rebuilding America’s Schools Act”.
Rebuilding America’s Schools Act
A BILL
To amend the Internal Revenue Code to make permanent qualified school construction bonds and qualified zone academy bonds, to treat qualified zone academy bonds as specified tax credit bonds, and to modify the private business contribution requirement for qualified zone academy bonds.
2. Qualified school construction bonds
In general— Subsection (c) of section 54F of the Internal Revenue Code of 1986 is amended to read as follows:
“(c) National limitation on amount of bonds designated—There is a national qualified school construction bond limitation for each calendar year after 2013 in the amount of $11,000,000,000.”
Effective date— The amendment made by this section shall apply to obligations issued after December 31, 2013.
3. Modifications relating to qualified zone academy bonds
Limitation made permanent— Paragraph (1) of section 54E(c) of the Internal Revenue Code of 1986 is amended to read as follows:
“(1) National limitation—There is a national zone academy bond limitation for each calendar year after 2013 in the amount of $1,400,000,000.”
Bond proceeds available for construction— Paragraph (3) of section 54E(d) of such Code is amended by striking “rehabilitating or repairing” and inserting “constructing, rehabilitating, or repairing”.
Modification of private business contribution requirement— Subsection (b) of section 54E of such Code is amended—
by striking “if the eligible local education agency” and inserting
“(1) the eligible local education agency”
by striking the period at the end and inserting
“(2) the issue will be pooled with other such issues through the acquisition by, or the sponsorship or assistance of, a private, nonprofit corporation established in the District of Columbia and specifically recognized by Congress for the purpose of leveraging resources and stimulating private investment in education technology infrastructure.”
Effective date— The amendments made by this section shall apply to obligations issued after December 31, 2013.