Public School Modernization and Overcrowding Relief Act of 1999

Public School Modernization and Overcrowding Relief Act of 1999 - Amends the Internal Revenue Code to: (1) provide a limited credit for qualified public school modernization bonds; (2) provide for qualified school construction bonds and qualified zone academy bonds and establish limits and allocation formulas for such bonds; (3) provide for the treatment of qualified public educational facility bonds as exempt facility bonds; (4) increase the amount by which certain governmental bonds used to finance public school capital expenditures may be exempted from specified arbitrage bond provisions; (5) revise provisions concerning advance refundings of bonds.