To amend the Internal Revenue Code of 1986 to expand the incentives for the construction and renovation of public schools.
Public School Modernization Act of 1998 - Amends the Internal Revenue Code to revise current incentives for education zones into incentives for qualified public school modernization bonds, including (currently existing) qualified zone academy bonds and (newly established) qualified school construction bonds.
Allows a limited tax credit, computed according to a specified formula, to taxpayers holding such public school modernization bonds. Raises the national zone academy bond limitation from $400 million to $1.4 billion for calendar 1999 (and 2000), and eliminates the limitation after 2000.
Prescribes requirements for national qualified school construction bonds, with a national limitation of $9.7 billion each for calendar 1999 and 2000 and no limit after 2000.
Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E278)
Referred to the House Committee on Ways and Means.
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