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HR 2152 107th Congress House Native Americans Bonds Building construction Construction costs Economics and Public Finance Education Elementary and secondary education Elementary schools Finance and Financial Sector Government securities Income tax Indian education Maintenance and repair Minorities Mutual funds Personal income tax School buildings School planning Secondary education Tax credits

Indian School Construction Act of 2001

Introduced: June 13, 2001 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 20, 2001
Referred to the Subcommittee on Education Reform.
Aug 20, 2001
Referred to the Subcommittee on 21st Century Competitiveness.
Jun 13, 2001
Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jun 13, 2001
Introduced in House
 Plain-English summary Congressional Research Service
Indian School Construction Act of 2001 - Directs the Secretary of the Interior to establish a pilot program under which eligible Indian tribes have the authority to issue tribal school modernization bonds to provide funding for the construction, rehabilitation, or repair of tribal schools, including advance planning and design.

Permits a tribe to use amounts received through the issuance of a bond to enter into and make payments under contracts: (1) for the design and engineering of the school; and (2) with financial advisors, underwriters, attorneys, trustees, and other professionals who would be able to provide assistance to the tribe in issuing bonds.

Makes any tribal school modernization bond issued by a tribe subject to a trust agreement.

Authorizes the Secretary to deposit not more than $30 million each fiscal year into a tribal school modernization escrow account beginning in FY 2002 from amounts made available for school replacement under the construction account of the Bureau of Indian Affairs. Requires the Secretary to use any amounts deposited to make payments to trustees or for advance planning and design.

Declares that no bond shall be an obligation of, nor shall payment of the principal be guaranteed by the United States. Provides that any amounts earned through the investment of funds under the control of a trustee shall not be subject to Federal income tax.

Amends the Internal Revenue Code to allow a tax credit to individuals who hold such bonds. Permits a separation (including at issuance) of the ownership of such a bond and the entitlement to the credit with respect to such bond.

What's happening now August 20, 2001

Referred to the Subcommittee on Education Reform.

 Committees of jurisdiction 5
 Cosponsors 2
All 2 Democratic 2