Section 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 of 1986 to modify and permanently extend qualified zone academy bonds, and to treat such bonds as specified tax credit bonds.
Sec. 2 Enhancement of qualified zone academy bonds
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.”.
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”.
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”.
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”
Effective date— The amendments made by this section shall apply to obligations issued after December 31, 2014.