Bill > HR2440

This bill establishes the School Infrastructure Finance and Innovation Act (SIFIA), which creates a new tax credit bond program to finance school infrastructure projects. The bill allows for the issuance of up to $10 billion in SIFIA bonds, with an annual limit of $2.5 billion, including a $1 billion set-aside specifically for rural area projects. These bonds would provide tax credits to investors and enable private, for-profit entities to partner with school districts to design, construct, expand, renovate, and equip school facilities. To qualify, the school facilities must be reasonably expected to become net-zero energy buildings, meaning they produce as much energy as they consume. The bonds have specific requirements for the private entities, including experience in developing and operating public schools, and preference will be given to small businesses, minority-owned, or woman-owned concerns. The bonds must be issued before January 1, 2031, and the project proceeds must be spent within six years of issuance. Importantly, the bonds require the private entity to transfer the facilities to the school district at no additional cost after operating them until they are fully functional. The bill also includes provisions for how tax credits will be allocated, reported, and managed, with the goal of improving school infrastructure while providing financial incentives for private sector involvement.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/2440/all-info