Official Summary

4/16/2007--Introduced.Expand and Rebuild America's Schools Act of 2007 - Amends the Internal Revenue Code to allow a nonrefundable tax credit to holders of school construction bonds. Sets forth requirements for issues of school construction bonds, including that: (1) 95% of the procee

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Official Summary

4/16/2007--Introduced.
Expand and Rebuild America's Schools Act of 2007 - Amends the Internal Revenue Code to allow a nonrefundable tax credit to holders of school construction bonds. Sets forth requirements for issues of school construction bonds, including that:
(1) 95% of the proceeds of such bonds must be used to construct new elementary and secondary school facilities and provide equipment for such schools;
(2) local education agencies must require private business contributions of not less than 10% of the proceeds of an issue; and
(3) bonds must be used for schools which meet specified criteria relating to curriculum, the alleviation of classroom overcrowding, and student-teacher ratios. Provides for a national school construction bond limitation of $400 million in 2008 and 2009.

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