H.R.3320 - Public School Modernization Act of 1998105th Congress (1997-1998)
|Sponsor:||Rep. Rangel, Charles B. [D-NY-15] (Introduced 03/04/1998)|
|Committees:||House - Ways and Means|
|Latest Action:||03/04/1998 Referred to the House Committee on Ways and Means.|
This bill has the status Introduced
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Summary: H.R.3320 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (03/04/1998)
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.