S5480Referred to Committee

School Infrastructure Modernization Act of 2026

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2026-09-23
Introduced
1
Cosponsors
S
ⓘ
Type

Sponsor

Tim Kaine
Tim Kaine
Democrat · VA · Senator
Votes with party: 76.9% (904 recorded votes)

Full profile: /officials/K000384

Source: Congress.gov · FEC

Cosponsors (1)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S4935)

2026-09-23

Source: Congress.gov

Committee Activity

Currently in

Plain-English Summary

Plain-English summary pending. Introduced on 2026-09-23. Check back soon — summaries are generated as bills progress through Congress.

Subjects

Taxation

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 5480 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 5480 To amend the Internal Revenue Code of 1986 to allow rehabilitation expenditures for public school buildings to qualify for rehabilitation credit. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES September 23, 2026 Mr. Kaine (for himself and Mr. Warner) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL 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 ``School Infrastructure Modernization Act of 2026''. 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), including-- (1) the number of qualified public education facilities rehabilitated (stated separately with respect to each State) and the number of students using such facilities (stated separately with respect to each such State), (2) the number of qualified public education facilities rehabilitated in low-income communities (as defined in section 45D(e)(1) of the Internal Revenue Code of 1986) and the number of students using such facilities, (3) the amount of qualified rehabilitation expenditures for each qualified public education facility rehabilitated, and (4) and any other data determined by the Secretary to be useful in evaluating the impact of such amendment. (c) Effective Date.--The amendment made by this section shall apply to property placed in service after December 31, 2026. <all>
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