[20010725]RS20699_资助学校改造：合格区学院债券与传统免税债券.pdf

1 U.S. Department of Education, Condition of Americas Public School Facilities: 1999, Officeof Educational Research and Improvement, National Center for Education Statistics, StatisticalAnalysis Report 2000-032, June 2000. The sampling error on the estimate is $7.2 billion.Congressional Research Service ? The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20699Updated July 25, 2001Funding School Renovation: Qualified Zone Academy Bonds vs. Traditional Tax-Exempt Bonds Steven MaguireAnalyst in Public FinanceGovernment and Finance DivisionSummaryThis report outlines the$1.6 billion Qualified Zone Academy Bond (QZAB)program and provides estimates of the implicit borrower subsidy and the estimatedfederal revenue loss arising from the tax credits it provides. QZABs are debt instrumentsthat local education agencies sell to finance school renovation and modernization. Theinterest on these bonds is paid by the federal government through tax credits to the bond-holder. The bond-holders are allowed to apply the credits to their federal corporateincome tax or alternative minimum tax liability. The current QZAB program is moreexpensive to the federal governm