This bill allows the creation of special bonds to finance school construction, offering tax credits to those who invest in them.
1. This bill creates a new type of bond called SIFIA bonds to help finance school construction projects. 2. Taxpayers holding SIFIA bonds can receive a tax credit equal to 25 percent of the bond's annual credit. 3. The funds from SIFIA bonds must be used for building or renovating school facilities that are energy-efficient. 4. Private companies must agree to build and operate the school facilities before transferring them to local education agencies. 5. The bill allows taxpayers to carry over unused tax credits to future years if their tax liability is lower than the credit.
Local communities and families with children in schools will benefit from improved school facilities.