Rebuilding America's Schools Act - Amends the Internal Revenue Code to: (1) extend through 2015 the qualified school construction bond program and the national limitation amounts for bonds issued under the qualified zone academy bond (QZAB) program, (2) allow the issuer of a QZAB to receive a direct payment in lieu of the tax credit for interest payments with respect to such bonds, (3) permit private entities to waive the 10% matching requirement for QZABs, and (4) permit QZAB proceeds to be used for constructing a public school facility in which such an academy is established.