[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4292 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4292

To amend the Internal Revenue Code of 1986 to allow a refundable credit 
  to the issuers of qualified zone academy bonds and qualified school 
                          construction bonds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 11, 2009

 Mr. Childers 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 allow a refundable credit 
  to the issuers of qualified zone academy bonds and qualified school 
                          construction 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 ``America's Better Classrooms Act of 
2009''.

SEC. 2. ISSUER ALLOWED REFUNDABLE CREDIT FOR QUALIFIED ZONE ACADEMY 
              BONDS AND QUALIFIED SCHOOL CONSTRUCTION BONDS.

    (a) In General.--Section 6431 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(f) Application of Section to Qualified Zone Academy Bonds and 
Qualified School Construction Bonds.--
            ``(1) In general.--In the case of any specified tax credit 
        bond--
                    ``(A) such bond shall be treated as a qualified 
                bond for purposes of this section,
                    ``(B) subsection (a) shall be applied without 
                regard to the requirement that the qualified bond be 
                issued before January 1, 2011,
                    ``(C) the amount of the payment determined under 
                subsection (b) with respect to any interest payment 
                date under such bond shall be equal to the lesser of--
                            ``(i) the amount of interest payable under 
                        such bond on such date, or
                            ``(ii) the amount of interest which would 
                        have been payable under such bond on such date 
                        if such interest were determined at the 
                        applicable credit rate determined under section 
                        54A(b)(3) with respect to such bond,
                    ``(D) interest on any such bond shall be includible 
                in gross income for purposes of this title, and
                    ``(E) no credit shall be allowed under section 54A 
                with respect to such bond.
            ``(2) Specified tax credit bond.--For purposes of this 
        subsection, the term `specified tax credit bond' means any 
        qualified tax credit bond (as defined in section 54A(d)) if--
                    ``(A) such bond is a qualified zone academy bond 
                (as defined in section 54E) or a qualified school 
                construction bond (as defined in section 54F), and
                    ``(B) the issuer of such bond makes an irrevocable 
                election to have this subsection apply.''.
    (b) Technical Corrections Relating to Qualified School Construction 
Bonds.--
            (1) The second sentence of section 54F(d)(1) of such Code 
        is amended by striking ``by the State'' and inserting ``by the 
        State education agency (or such other agency as is authorized 
        under State law to make such allocation)''.
            (2) The second sentence of section 54F(e) of such Code is 
        amended by striking ``subsection (d)(4)'' and inserting 
        ``paragraphs (2) and (4) of subsection (d)''.
    (c) Effective Date.--
            (1) In general.--Except as otherwise provided in this 
        subsection, the amendment made by this section shall apply to 
        bonds issued after December 31, 2009.
            (2) Technical corrections.--The amendments made by 
        subsection (b) shall take effect as if included in section 1521 
        of the American Recovery and Reinvestment Tax Act of 2009.
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