Amends the Internal Revenue Code to include construction as a "qualified purpose" for the spending of a "qualified zone academy bond" (95 percent of such bond proceeds must be spent on a "qualified purpose").
Allows the credit retained by a regulated investment company for its holding of a zone academy bond to be distributed to the company's shareholders. Permits such credits to be stripped.
Actions
Jul 30, 2003
Read twice and referred to the Committee on Finance.