S. 1523, the Rebuilding America’s Schools Act, introduced by Senate Finance Committee member John D. Rockefeller IV, D-W.Va., would make the qualified school construction and zone academy bonds permanent, treat qualified zone academy bonds as specified tax credit bonds, and modify the treatment of zone academy bonds.
113TH CONGRESS
1ST SESSION
S. 1523
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.
IN THE SENATE OF THE UNITED STATES
SEPTEMBER 18, 2013
Mr. ROCKEFELLER (for himself, Mr. BROWN, Mr. HARKIN, and Mr. JOHNSON
of South Dakota) introduced the following bill; which was read twice
and referred to the Committee on Finance
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Rebuilding America’s Schools Act”.
SEC. 2. QUALIFIED SCHOOL CONSTRUCTION BONDS.
(a) 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.”.
(b) EFFECTIVE DATE. — The amendment made by this section shall apply to obligations issued after December 31, 2013.
SEC. 3. MODIFICATIONS RELATING TO QUALIFIED ZONE ACADEMY BONDS.
(a) 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.”.
(b) MODIFICATION OF PRIVATE BUSINESS CONTRIBUTION REQUIREMENT. — Subsection (b) of section 54E of such Code is amended —
(1) by striking “if the eligible local education agency” and inserting “if —
“(1) the eligible local education agency”, and
(2) by striking the period at the end and inserting “, or
“(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.”.
(c) DIRECT PAYMENT OPTION. — Clause (iii) of section 6431(f)(3)(A) of such Code is amended by striking “54E)” and all that follows and inserting “54E), or”.
(d) EFFECTIVE DATE. — The amendments made by this section shall apply to obligations issued after December 31, 2013.