[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4133 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4133

  To amend the Internal Revenue Code of 1986 to exempt public school 
rehabilitation from the tax-exempt use exception to the rehabilitation 
                                credit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 19, 2009

   Mr. Cantor (for himself and Mr. Davis of Alabama) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to exempt public school 
rehabilitation from the tax-exempt use exception to the rehabilitation 
                                credit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXEMPTION OF PUBLIC SCHOOL REHABILITATION FROM TAX-EXEMPT 
              USE EXCEPTION TO REHABILITATION CREDIT.

    (a) In General.--Clause (v) of section 47(c)(B) of the Internal 
Revenue Code of 1986 (relating to tax-exempt use property) is amended 
by adding at the end the following new subclause:
                                    ``(III) Public schools.--Subclause 
                                (I) shall not apply in the case of a 
                                building which--
                                            ``(aa) is tax-exempt use 
                                        property (as so defined),
                                            ``(bb) before any qualified 
                                        rehabilitation expenditures 
                                        were incurred (determined after 
                                        the application of this 
                                        subclause) was used as a public 
                                        school established by and 
                                        operated under the supervision 
                                        of an eligible local education 
                                        agency (as defined in section 
                                        54E(d)(2)) to provide education 
                                        or training below the 
                                        postsecondary level, and
                                            ``(cc) when such building 
                                        is first placed in service 
                                        after such expenditures are 
                                        incurred, is reasonably 
                                        expected to be used as a public 
                                        school under the supervision of 
                                        such eligible local education 
                                        agency.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to expenditures properly taken into account for periods after the 
date of the enactment of this Act.
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