H.R. 5347 (Introduced in House) — To amend the Internal Revenue Code of 1986 to extend qualified zone academy bonds for 2 years and to reduce the private business contribution requirement with respect to such bonds, and for other purposes.

Section 1 Extension and modification of qualified zone academy bonds

(a)

Extension— Paragraph (1) of section 54E(c) of the Internal Revenue Code of 1986 is amended by striking “and 2013” and inserting “2013, 2014, and 2015”.

(b)

Reduction of private business contribution requirement— Subsection (b) of section 54E of such Code is amended by striking “10 percent” and inserting “5 percent”.

(c)

Effective date— The amendments made by subsections (a) and (b) shall apply to obligations issued after December 31, 2013.

(d)

Technical correction and conforming amendment—

(1)

In general— Clause (iii) of section 6431(f)(3)(A) of such Code is amended—

(A)

by striking “2011” and inserting “years after 2010”, and

(B)

by striking “of such allocation” and inserting “of any such allocation”.

(2)

Effective date— The amendments made by this subsection shall take effect as if included in section 310 of the American Taxpayer Relief Act of 2012.

To amend the Internal Revenue Code of 1986 to extend qualified zone academy bonds for 2 years and to reduce the private business contribution requirement with respect to such bonds, and for other purposes.

Section 1 Extension and modification of qualified zone academy bonds

Cite this provision

Incoming references