1:43 PM 21 Jan 1999
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Jason H. |
| to: |
SULLIVAN_M, BUDIG_N, US, RUNDLET_P RUNDLET_P, GRAY_W, WEINER_R, INFOMGT, NAPLAN_S, GRIBBEN_J, JOHN.LONGBRAKE, IGCP, BARBUSCHAK_K, JOHNSON_WC, SUNTUM_M, RILEY_R, HEMMIG_M, Alejandro G., Amy, Anders, Andrew J., Anne M., Ashley L., backup, Barbara D. Woolley, Barry J. Toiv, Beverly J. Barnes, bnichols, Bob Davis, Brian D., Brian S., Bridget T., Brooks E., Carmen B., Caroline R., Carolyn T., Carrie A., Catherine T., chandler g. spaulding, Charles H., Charles M. Brain, Cheryl D. Mills, Cheryl M., Christine A., Christopher, Christopher K., Craig, crnbeach, Cynthia M., Dag vega, Daniel W., Dario J., David E., David R., David S., David Y., Deborah B., Deborin, Debra S., Delia A., Diane, Dorian V. Weaver, Dorinda A., Douglas B., Douglas J., Douglas R., drnilbank, drosen, durph, Edward F., Edwin R. Thomas, Elena Kagan, Eli G., Eli P., Elisa, Elisabeth, Elizabeth R., Elliot J., Emory L., Evan, Fred, Gino J. Del, Glen M., Gregory B., G. Timothy Saunders, Heather M., Ilia v. velez, info, Jackson T., Jake, James Gerstenzang, janelle e. erickson, Jason H., Jeanne Cummings, Jeannetta P., Jeffrey A. Farkas, Jeffrey L., Jeffrey M., Jena V., Jennifer, Jessica L., Jocelyn A., Jodi, Jodi R., Jonathan, Jonathan A. Kaplan, Jonathan E., Jonathan M., Jon P., Jordan, Joseph C., Joshua S., Judithanne V., Julia M., Julianne B., Julie B., Julie E., Julie_green, June, Kara Gerhardt, Karen, Katharine, Kelley L., Kenneth Prewitt, Kevin S., Kim B., Kyle M., kyle.mckinnon, Lana, Larry.mcquillan, Laura D., Laura S. Marcus, Leanne A. Shimabukuro, Linda, Linda L., Lisa J., Lori E., Lynn G. Cutler, marhast, Maria E., Maritza, Mark D., Marsha, Marty J., Matt, Matthew J., Matthew W., Maureen A., Maureen T., Maya, McGavock D. Reed, Megan C., Meg Lynn, Melissa M., mgarcia, mhall, Michael V., Michael Waldman, Mindy E., Minyon Moore, mpena, Nancy.mathis, Nanda, Neal, Neera, newsdesk, Nicole R. Rabner, Orson C., Patricia Peart, Patrick E., Paul D. Glastris, Peter A., Phillip, photo, Pub_Arch, Rajiv Y., Releases, Reuben L. Musgrave, Richard, Robert B., Robin, Robin J., Roger V., rsimoncol, Ruby, Samuel O., Sarah E., Sarah S., Sara M., Sean P., Sherman A., Sheyda, Simeona F., Skye S., Sondra L. Seba, spage, Stacie, Tania I., Thomas D., Thomas M., tnewell, Toby C., Todd, Tracy F., usia, usnwire, Victoria A., Victoria L., Virginia, Virginia N., Walker F., wh-outbox-distr, William C., William W., Woyneab M. |
president Clinton and Vice President Gore Propose
Tax Credits to Modernize Schools for the 21st Century
January 21, 1999
Last year, the Congress funded the first year of the PresidentD,s
initiative to hire 100,000 new teachers to reduce class size in the early
grades. This year, it is imperative that the Congress act on the
Administration proposal to help schools provide well-equipped classrooms
to accommodate smaller class sizes. The PresidentD,s FY2000 budget will
propose Federal tax credits to pay interest on nearly $25 billion in bonds
to build and renovate public schools. Two types of bonds are being
proposed: School Modernization Bonds ($22.4 billion) and Qualified Zone
Academy Bonds ($2.4 billion). The tax credits on these bonds will cost
the Treasury a total of $3.7 billion over 5 years. School modernization
is an urgent national need:
A record 52.7 million children are enrolled in elementary and secondary
schools, and this number is expected to climb further to 54.3 million by
2008.
The average public school in America is 42 years old, according to new
National Center for Education Statistics (NCES) data released last week.
Nearly three-quarters of todayD,s schools were built before 1970,
primarily to accommodate the baby boom generation. A schoolD,s original
equipment, including the roof and electrical equipment, should be replaced
when schools are between 30 and 40 years old, and school buildings begin
rapid deterioration after 40 years.
The NCES report shows that 30 percent of all public schools are in the
"oldest condition" built before 1970 and never renovated or renovated
before 1980.
The oldest schools are also lagging behind other schools in the push to
connect to the Internet. While almost 60 percent of schools built in
since 1985 were connected to the Internet in 1995, only 42 percent of
schools in the oldest condition were connected to the Internet.
School Modernization Bonds
$22 billion in School Modernization Bonds will be available over two years
($11 billion in 2000 and $11 billion in 2001) for construction and
renovation of public school facilities. Federal tax credits will pay the
interest on these bonds.
Half of the bonds ($11 billion) would be allocated to the 100-125 school
districts with the largest number of low-income children, in proportion to
their share of funds under the Federal "Title I" Basic Grant formula, to
provide assistance in accordance with each school districtD,s plan.
The other half of the bonds ($11 billion) would be allocated to States
according to the proportion of low-income children (Title I Basic Grant
funds), not counting the children in the school districts described above.
To qualify for these bonds, States, territories, and the eligible 100-125
school districts would submit to the Secretary of Education the following
information: (1) a comprehensive study of the construction and
renovation needs in the jurisdiction, (2) a description of how the
jurisdiction will ensure that the bond funds are used for the purposes
intended by this proposal; and, for States only (3) a description of how
highest priority will be given to localities with greatest needs and how
special consideration will be given to rural and high-growth areas.
-more-
Qualified Zone Academy Bonds
This program, created by the Taxpayer Relief Act of 1997, provides a tax
credit to pay interest on bonds for a variety of expenses (including
building renovation) related to certain public school-business
partnerships. The FY2000 Budget would expand these bonds to cover new
school construction. In total, $2.4 billion in bonds ($1 billion in 2000
and $1.4 billion in 2001) would be allocated to States on the basis of
their respective populations of individuals with incomes below the poverty
line.
New Native American School Component
In addition to the $22 billion of School Modernization Bonds described
above, the proposal includes a new component for Native American schools.
The Secretary of Interior would allocate $400 million in School
Modernization Bonds ($200 million in 2000 and $200 million in 2001) to
tribes or tribal organizations for the construction and renovation of BIA
funded schools.
###
1:56 PM 21 Jan 1999
| from: |
Jason H. |
| to: |
INFOMGT, WEINER_R, RILEY_R, HEMMIG_M, RUNDLET_P, SUNTUM_M, JOHNSON_WC, BARBUSCHAK_K, GRAY_W, BUDIG_N, US, WOZNIAK_N, GRIBBEN_J, SULLIVAN_M, NAPLAN_S, Alejandro G., Amy, Andrew J., Anne M., Ashley L., Barbara D. Woolley, Barry J. Toiv, Beverly J. Barnes, Brenda M. Anders, Brian D., Brian S., Bridget T., Brooks E., Carmen B., Caroline R., Carolyn T., Carrie A., Catherine T., chandler g. spaulding, Charles H., Charles M. Brain, Cheryl D. Mills, Cheryl M., Christine A., Christopher, Christopher K., Craig, Cynthia M., Dag vega, Daniel W., Dario J., David E., David R., David S., David Y., Deborah B., Debra S., Delia A., Diane, Dorian V. Weaver, Dorinda A., Douglas B., Douglas J., Douglas R., Edward F., Edwin R. Thomas, Elena Kagan, Eli G., Eli P., Elisa, Elisabeth, Elizabeth R., Elliot J., Emory L., Evan, Fred, Gino J. Del, Glen M., Gregory B., G. Timothy Saunders, Heather M., Ilia v. velez, Jackson T., Jake, janelle e. erickson, Jason H., Jeannetta P., Jeffrey A. Farkas, Jeffrey L., Jeffrey M., Jena V., Jennifer, Jessica L., Jocelyn A., Jodi R., Jonathan, Jonathan A. Kaplan, Jonathan E., Jonathan M., Jon P., Jordan, Joseph C., Joshua S., Judithanne V., Julia M., Julianne B., Julie B., Julie E., June, Karen, Katharine, Kelley L., Kevin S., Kim B., Kyle M., Lana, Laura D., Laura S. Marcus, Leanne A. Shimabukuro, Linda, Linda L., Lisa J., Lori E., Lynn G. Cutler, Maria E., Maritza, Mark D., Marsha, Marty J., Matt, Matthew J., Matthew W., Maureen A., Maureen T., Maya, McGavock D. Reed, Megan C., Meg Lynn, Melissa M., Michael, Michael V., Mindy E., Minyon Moore, Nanda, Neal, Neera, Nicole R. Rabner, Orson C., Patrick E., Paul D. Glastris, Peter, Phillip, Rajiv Y., Reuben L. Musgrave, Richard, Robert B., Robin, Robin J., Roger V., Ruby, Samuel O., Sarah E., Sarah S., Sara M., Sean P., Sherman A., Sheyda, Simeona F., Skye S., Sondra L. Seba, Stacie, Tania I., Thomas D., Thomas M., Timothy L., Toby C., Todd, Tracy F., Victoria A., Victoria L., Virginia, Virginia N., Walker F., William C., William W., Woyneab M. |
Message Creation Date was at 21-JAN-1999 13:39:00
President Clinton and Vice President Gore Propose
Tax Credits to Modernize Schools for the 21st Century
January 21, 1999
Last year, the Congress funded the first year of the PresidentD!,s
initiative to
hire 100,000 new teachers to reduce class size in the early grades. This
year,
it is imperative that the Congress act on the Administration proposal to
help
schools provide well-equipped classrooms to accommodate smaller class
sizes.
The PresidentD!,s FY2000 budget will propose Federal tax credits to pay
interest
on nearly $25 billion in bonds to build and renovate public schools. Two
types
of bonds are being proposed: School Modernization Bonds ($22.4 billion) and
Qualified Zone Academy Bonds ($2.4 billion). The tax credits on these
bonds
will cost the Treasury a total of $3.7 billion over 5 years. School
modernization is an urgent national need:
A record 52.7 million children are enrolled in elementary and secondary
schools, and this number is expected to climb further to 54.3 million by
2008.
The average public school in America is 42 years old, according to new
National
Center for Education Statistics (NCES) data released last week. Nearly
three-quarters of todayD!,s schools were built before 1970, primarily to
accommodate the baby boom generation. A schooIO!,s original equipment,
including the roof and electrical equipment, should be replaced when
schools
are between 30 and 40 years old, and school buildings begin rapid
deterioration
after 40 years.
The NCES report shows that 30 percent of all public schools are in the
"oldest
condition" -- built before 1970 and never renovated or renovated before
1980.
The oldest schools are also lagging behind other schools in the push to
connect
to the Internet. While almost 60 percent of schools built in since 1985
were
connected to the Internet in 1995, only 42 percent of schools in the oldest
condition were connected to the Internet.
School Modernization Bonds
$22 billion in School Modernization Bonds will be available over two years
($11
billion in 2000 and $11 billion in 2001) for construction and renovation of
public school facilities. Federal tax credits will pay the interest on
these
bonds.
Half of the bonds ($11 billion) would be allocated to the 100-125 school
districts with the largest number of low-income children, in proportion to
their share of funds under the Federal "Title I" Basic Grant formula, to
provide assistance in accordance with each school districtD!,s plan.
The other half of the bonds ($11 billion) would be allocated to States
according to the proportion of low-income children (Title I Basic Grant
funds) ,
not counting the children in the school districts described above.
To qualify for these bonds, States, territories, and the eligible 100-125
school districts would submit to the Secretary of Education the following
information: (1) a comprehensive study of the construction and
renovation
needs in the jurisdiction, (2) a description of how the jurisdiction will
ensure that the bond funds are used for the purposes intended by this
proposal;
and, for States only (3) a description of how highest priority will be
given
to localities with greatest needs and how special consideration will be
given
to rural and high-growth areas.
-more-
Qualified Zone Academy Bonds
This program, created by the Taxpayer Relief Act of 1997, provides a tax
credit
to pay interest on bonds for a variety of expenses (including building
renovation) related to certain public school-business partnerships. The
FY2000
Budget would expand these bonds to cover new school construction. In
total,
$2.4 billion in bonds ($1 billion in 2000 and $1.4 billion in 2001) would
be
allocated to States on the basis of their respective populations of
individuals
with incomes below the poverty line.
New Native American School Component
In addition to the $22 billion of School Modernization Bonds described
above,
the proposal includes a new component for Native American schools. The
Secretary of Interior would allocate $400 million in School Modernization
Bonds
($200 million in 2000 and $200 million in 2001) to tribes or tribal
organizations for the construction and renovation of BIA funded schools.
###
EMAILS RECEIVED
ARMS - BOX 088 - FOLDER -003
[01/21/1999 - 0112411999]
