Public School Modernization Act of 1999

Public School Modernization Act of 1999 - 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.

(Sec. 3) 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 each of calendar year 2000 and 2001, and eliminates the limitation after 2001.

Prescribes requirements for national qualified school construction bonds, with a national limitation of $9.7 billion each for calendar 2000 and 2001, and no limit after 2001.

(Sec. 4) Expresses the sense of the Senate that: (1) sufficient funds should be provided in FY 2000 to begin construction of three new Bureau of Indian Affairs (BIA) school facilities and to increase funds available for the improvement and repair of existing facilities; and (2) the Congress should consider enacting legislation to establish other funding mechanisms that would leverage Federal investments on behalf of BIA schools to address the serious construction backlog which exists at tribal schools.