Title: To amend the Internal Revenue Code of 1986 to expand the incentives for the construction and renovation of public schools.
Sponsor: Rep Rangel, Charles B. [D-NY-15] (introduced 5/24/2007)      Cosponsors (174)
Related Bills: S.912
Latest Major Action: 7/24/2007 Referred to House subcommittee. Status: Referred to the Subcommittee on Early Childhood, Elementary, and Secondary Education.

Highlights: Amends the Internal Revenue Code to allow a tax credit for investment in qualified public school modernization bonds, defined to include: (1) bonds for the construction, rehabilitation, or repair of a public school facility or for the acquisition of land for such facility (qualified school construction bonds); and (2) bonds to finance certain academic programs below the postsecondary level in empowerment zones or enterprise communities (qualified zone academy bonds). Establishes a national limitation on the issuance of such bonds and provides for the allocation of bond amounts among the states according to a specified formula. Terminates the authority for issuance of such bonds after 2009.

ASPIRA Policy Position

ASPIRA supports school construction and modernization efforts.