[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2394 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2394

     To amend the Internal Revenue Code to extend 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 HOUSE OF REPRESENTATIVES

                             June 24, 2011

 Mr. Rangel (for himself and Mr. Polis) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
     To amend the Internal Revenue Code to extend 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. EXTENSION OF QUALIFIED SCHOOL CONSTRUCTION BONDS.

    (a) In General.--Subsection (c) of section 54F of the Internal 
Revenue Code of 1986 is amended--
            (1) by inserting ``, 2010, 2011, 2012, 2013, 2014, and 
        2015, and'' after ``$11,000,000,000 for 2009'' in paragraph 
        (1),
            (2) by striking paragraph (2) and redesignating paragraph 
        (3) as paragraph (2), and
            (3) by striking ``2010'' and inserting ``2015'' in 
        paragraph (2), as so redesignated.
    (b) Effective Date.--The amendments made by this section shall 
apply to obligations issued after the date of the enactment of this 
Act.

SEC. 3. EXTENSION OF AND MODIFICATIONS RELATING TO QUALIFIED ZONE 
              ACADEMY BONDS.

    (a) Extension.--Section 54E(c)(1) of the Internal Revenue Code of 
1986, as amended by the Tax Relief, Unemployment Insurance 
Reauthorization, and Job Creation Act of 2010, is amended by striking 
``2008, $1,400,000,000 for 2009 and 2010, and $400,000,000 for 2011'' 
and inserting ``2008 and $1,400,000,000 for 2009, 2010, 2011, 2012, 
2013, 2014, and 2015''.
    (b) Reinstatement of Refundable Credit for QZABs.--Paragraph (3) of 
section 6431(f) of such Code is amended by striking ``determined 
without regard to any allocation relating to the national zone academy 
bond limitation for 2011 or any carryforward of such allocation'' in 
subparagraph (A)(iii).
    (c) Bond Proceeds Available for Construction.--Paragraph (3) of 
section 54E(d) of such Code is amended by striking ``rehabilitating or 
repairing'' and inserting ``constructing, rehabilitating, or 
repairing''.
    (d) 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.''.
    (e) Effective Dates.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall apply to obligations 
        issued after the date of the enactment of this Act.
            (2) Increased national limitation for 2011.--The amendments 
        made by subsections (a) shall apply to obligations issued after 
        December 31, 2010.
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