Â· According to a recent estimate from the National Education Association, this year it will cost $442 billion to bring the existing public schools into overall good condition in order to help keep American students competitive.
Billions more will be required to construct new schools to meet expanding student enrollments.
Â· The average age of a public school building in the United States is about 42 years.
Â· One-third of all public schools in the United States need extensive repair or replacement.
Â· Four out of 10 public schools in the United States report unsatisfactory environmental conditions.
Â· Three and a half million students attend schools that need major repair or replacement.
The America’s Better Classrooms Act of 2007:
Â· Provides a federal tax credit to bond holders to pay the interest on local school bonds.
Â· Will leverage about $25 billion in bonds for school construction
Â· The state or school district would only be responsible for repaying the principal.
Â· Deficit-neutral, does not raise taxes.
Â· Based on the successful Qualified Zone Academy Board (QZAB) initiative.
Â· Bipartisan, sponsored by the Chairman of the Ways and Means Committee