Public School Rebuilding and Improvement Act of 1998

Public School Rebuilding and Improvement 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 to taxpayers holding such public school modernization bonds. Raises the national zone academy bond limitation from $400 million to $1.4 billion for 1999 and 2000, and eliminates the limitation after 2000.

Prescribes requirements for national qualified school construction bonds, with a national limitation of $13.7 billion for 1999 and 2000, and no limit after 2000.