II 111th CONGRESS 2d Session S. 2970 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.

1.

Short title

This Act may be cited as the Rehabilitation of Historic Schools Act of 2010.

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.