Summary: S.1705 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for S.1705. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (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.