Text: H.R.4133 — 111th Congress (2009-2010)All Bill Information (Except Text)

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Introduced in House (11/19/2009)


111th CONGRESS
1st Session
H. R. 4133

To amend the Internal Revenue Code of 1986 to exempt public school rehabilitation from the tax-exempt use exception to the rehabilitation credit.


IN THE HOUSE OF REPRESENTATIVES
November 19, 2009

Mr. Cantor (for himself and Mr. Davis of Alabama) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to exempt public school rehabilitation from the tax-exempt use exception to the rehabilitation credit.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Exemption of public school rehabilitation from tax-exempt use exception to rehabilitation credit.

(a) In general.—Clause (v) of section 47(c)(B) of the Internal Revenue Code of 1986 (relating to tax-exempt use property) is amended by adding at the end the following new subclause:

“(III) PUBLIC SCHOOLS.—Subclause (I) shall not apply in the case of a building which—

“(aa) is tax-exempt use property (as so defined),

“(bb) before any qualified rehabilitation expenditures were incurred (determined after the application of this subclause) was used as a public school established by and operated under the supervision of an eligible local education agency (as defined in section 54E(d)(2)) to provide education or training below the postsecondary level, and

“(cc) when such building is first placed in service after such expenditures are incurred, is reasonably expected to be used as a public school under the supervision of such eligible local education agency.”.

(b) Effective date.—The amendment made by subsection (a) shall apply to expenditures properly taken into account for periods after the date of the enactment of this Act.