[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1753 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1753

 To amend the Internal Revenue Code of 1986 to modify and permanently 
    extend qualified zone academy bonds, and to treat such bonds as 
                      specified tax credit bonds.


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                   IN THE SENATE OF THE UNITED STATES

                             July 13, 2015

   Mr. Brown 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 modify and permanently 
    extend qualified zone academy bonds, and to treat such bonds as 
                      specified tax credit 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. ENHANCEMENT OF QUALIFIED ZONE ACADEMY BONDS.

    (a) In General.--Paragraph (1) of section 54E(c) of the Internal 
Revenue Code of 1986 is amended by striking ``and $400,000,000 for 
2011'' and all that follows through the period and inserting the 
following: ``$400,000,000 for 2011, 2012, 2013, and 2014, and 
$1,400,000,000 for each calendar year after 2014.''.
    (b) Construction of a Public School Facility.--Subparagraph (A) of 
section 54E(d)(3) of the Internal Revenue Code of 1986 is amended by 
striking ``rehabilitating or repairing'' and inserting ``constructing, 
rehabilitating, or repairing''.
    (c) Adjustment of Private Business Contribution Requirement.--
Subsection (b) of section 54E of the Internal Revenue Code of 1986 is 
amended by striking ``10 percent'' and inserting ``5 percent''.
    (d) Specified Tax Credit Bond.--Clause (iii) of section 
6431(f)(3)(A) of the Internal Revenue Code of 1986 is amended to read 
as follows:
                            ``(iii) a qualified zone academy bond (as 
                        defined in section 54E), or''.
    (e) Effective Date.--The amendments made by this section shall 
apply to obligations issued after December 31, 2014.
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