Rangel, Ramstad and Etheridge Introduce ABC Act to Build New Schools and Improve Educational Opportunities for America’s Youth

May 23, 2007
Press Release

WASHINGTON, DC – House Ways and Means Committee Chairman Charles B. Rangel (D-NY) will join Representatives Jim Ramstad (R-MN) and Bob Etheridge (D-NC) at a press conference Thursday to introduce the America’s Better Classroom (ABC) Act of 2007.

This bipartisan legislation would provide approximately $25 billion in interest-free funds for the construction and renovation of local schools to address the growing need for school modernization and help keep American students competitive.

The press conference will take place on Thursday, May 24 at 11:30 AM in H-208 in the U.S. Capitol.

The ABC Act would provide federal support for school construction by offering a tax credit for the interest paid on bonds issued by state and local governments to put children in modern learning facilities.

The bipartisan bill also targets funding to lower-income communities by offering $2.4 billion for schools located in Empowerment Zones, Enterprise Communities or communities in which 35 percent of their students are eligible for free or reduced price school lunches as part of the Qualified Zone Academy Bond (QZAB) initiative.

WHO:        Ways and Means Chairman Rangel, Rep. Bob Etheridge & Rep. Jim Ramstad

WHAT:       Bipartisan Plan to fund New School Construction

WHEN:       11:30 a.m. Thursday May 24, 2007

WHERE:      H-208, The Capitol