[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2970 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 2970

  To amend the Internal Revenue Code of 1986 to allow rehabilitation 
expenditures for public school buildings to qualify for rehabilitation 
                                credit.


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                   IN THE SENATE OF THE UNITED STATES

                            January 29, 2010

 Mr. Webb (for himself and Mr. Warner) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to allow rehabilitation 
expenditures for public school buildings to qualify for rehabilitation 
                                credit.

    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 ``Rehabilitation of Historic Schools 
Act of 2010''.

SEC. 2. QUALIFICATION OF REHABILITATION EXPENDITURES FOR PUBLIC SCHOOL 
              BUILDINGS FOR REHABILITATION CREDIT.

    (a) In General.--Section 47(c)(2)((B)(v) 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) Clause not to apply to 
                                public schools.--This clause shall not 
                                apply in the case of any building which 
                                is a qualified public educational 
                                facility (as defined in section 
                                142(k)(1), determined without regard to 
                                subparagraph (B) thereof) and used as 
                                such both before and after such 
                                expenditure.''.
    (b) Report.--Not later than the date which is 5 years after the 
date of the enactment of this Act, the Secretary of the Treasury, after 
consultation with the heads of appropriate Federal agencies, shall 
report to Congress on the effects resulting from the amendment made by 
subsection (a).
    (c) Effective Date.--The amendment made by this section shall apply 
to property placed in service after the date of the enactment of this 
Act.
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