School Infrastructure Modernization Act of 2021
This bill allows rehabilitation expenditures for public school buildings to qualify for the rehabilitation tax credit during a specified five-year period.
To amend the Internal Revenue Code of 1986 to allow rehabilitation 
expenditures for public school buildings to qualify for rehabilitation 
                                credit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rehabilitation of Historic Schools 
Act of 2021''.

SEC. 2. QUALIFICATION OF REHABILITATION EXPENDITURES FOR PUBLIC SCHOOL 
              BUILDINGS FOR REHABILITATION CREDIT.

    (a) In General.--Section 47(c)(2)(B)(v) of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new 
subclause:
                                    ``(III) Clause not to apply to 
                                public schools.--This clause shall not 
                                apply in the case of the rehabilitation 
                                of any building which was used as a 
                                qualified public educational facility 
                                (as defined in section 142(k)(1), 
                                determined without regard to 
                                subparagraph (B) thereof) at any time 
                                during the 5-year period ending on the 
                                date that such rehabilitation begins 
                                and which is used as such a facility 
                                immediately after such 
                                rehabilitation.''.
    (b) Report.--Not later than the date which is 5 years after the 
date of the enactment of this Act, the Secretary of the Treasury, after 
consultation with the heads of appropriate Federal agencies, shall 
report to Congress on the effects resulting from the amendment made by 
subsection (a).
    (c) Effective Date.--The amendment made by this section shall apply 
to property placed in service after the date of the enactment of this 
Act.
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Rehabilitation of Historic Schools Act of 2021
To amend the Internal Revenue Code of 1986 to allow rehabilitation expenditures for public school buildings to qualify for rehabilitation credit.
Rehabilitation of Historic Schools Act of 2021
Rep. Evans, Dwight