Bill Introduced To Spur Schools Construction, Renovation

U.S. Senators Tim Kaine, a member of the Senate Health, Education, Labor, and Pensions (HELP) and Budget Committees, and Mark R. Warner, a member of the Senate Budget and Finance Committees, have introduced the School Infrastructure Modernization Act to spur public and private investment in renovating active historic school buildings. This legislation amends the federal historic rehabilitation tax credit to apply to school buildings that continue to operate as schools. Under current law, the credit applies only for buildings renovated to serve a different function than before. This bill would waive this ‘prior use’ clause for school renovation projects, allowing school districts with aging infrastructure and tight budgets to partner with private entities to finance renovations that the districts otherwise would not be able to afford.