Rebuilding America's Schools Act

Rebuilding America's Schools Act - Amends the Internal Revenue Code, with respect to tax-exempt bond funding for educational facilities, to: (1) reinstate the national qualified school construction bond limitation amount for calendar years after 2013, (2) make permanent the qualified zone academy bond (QZAB) limitation amount, (3) permit private entities to waive the 10% matching requirement for QZABs, and (4) revise the definition of QZAB for purposes of the credit for issuers of qualified tax credit bonds.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 1523 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                S. 1523

 To amend the Internal Revenue Code to make permanent 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 SENATE OF THE UNITED STATES

                           September 18, 2013

Mr. Rockefeller (for himself, Mr. Brown, Mr. Harkin, and Mr. Johnson of 
 South Dakota) introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code to make permanent 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. QUALIFIED SCHOOL CONSTRUCTION BONDS.

    (a) In General.--Subsection (c) of section 54F of the Internal 
Revenue Code of 1986 is amended to read as follows:
    ``(c) National Limitation on Amount of Bonds Designated.--There is 
a national qualified school construction bond limitation for each 
calendar year after 2013 in the amount of $11,000,000,000.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to obligations issued after December 31, 2013.

SEC. 3. MODIFICATIONS RELATING TO QUALIFIED ZONE ACADEMY BONDS.

    (a) Limitation Made Permanent.--Paragraph (1) of section 54E(c) of 
the Internal Revenue Code of 1986 is amended to read as follows:
            ``(1) National limitation.--There is a national zone 
        academy bond limitation for each calendar year after 2013 in 
        the amount of $1,400,000,000.''.
    (b) 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.''.
    (c) Direct Payment Option.--Clause (iii) of section 6431(f)(3)(A) 
of such Code is amended by striking ``54E)'' and all that follows and 
inserting ``54E), or''.
    (d) Effective Date.--The amendments made by this section shall 
apply to obligations issued after December 31, 2013.
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