Tax Credit for Public School Renovations: Modernizing Educational Infrastructure.
This Act amends tax law to allow rehabilitation expenditures for public school buildings to qualify for a federal rehabilitation tax credit. This change makes it financially easier to fund the modernization and improvement of public educational facilities. Consequently, citizens can expect safer, more modern, and better-equipped schools for their children, directly enhancing the quality of education and the learning environment.
Key points
Tax Changes: Expenditures for the rehabilitation of public school buildings now qualify for the federal rehabilitation tax credit.
Community Benefit: Facilitates the financing of renovations and modernization of existing school buildings, leading to improved educational infrastructure.
Reporting Requirement: The Treasury Secretary must report to Congress after 5 years on the impact of these changes, including the number of schools rehabilitated and the number of students served.
Effective Date: The amendments apply to property placed in service after December 31, 2023.
Expired
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