Education for the 21st Century Act

TABLE OF CONTENTS: Title I: Tax Incentives for Higher Education Title II: Educational Facilities Improvement Title III: America Reads Challenge Subtitle A: Parents As First Teachers Challenge Grants Subtitle B: Challenging America's Young Readers Title IV: Investing in Technology for the Classrooms Subtitle A: Sense of the Senate Subtitle B: Educational Technology Clearinghouses Education for the 21st Century Act - Title I: Tax Incentives for Higher Education - Amends the Internal Revenue Code to establish a refundable tax credit (Hope Tax Credit) of up to $1,500 (inflation-adjusted) per academic year for higher education expenses (tuition and academic fees) of the first two years of post-secondary education. Reduces such credit to zero by certain increments according to a specified formula for modified adjust gross incomes between $50,000 and $70,000 (between $80,000 and $100,000 for joint returns). Limits the credit to students graduating from high school (or the equivalent) with a grade-point average of 2.75 on a four-point scale. (Sec. 102) Allows a tax deduction (apart from other itemized deductions) for up to $10,000 per individual per academic year paid by the taxpayer for the same higher education expenses (at any undergraduate or graduate school level). Allows such deduction for education to acquire or improve job skills. Sets the same income limits as for the Hope Tax Credit. (Sec. 103) Allows a tax deduction (apart from other itemized deductions) for interest on education loans. Requires specified tax returns from persons (including governmental units) which have received education loan interest in the course of trade or business from individuals. Title II: Educational Facilities Improvement - Educational Facilities Improvement Act - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to revise title XII (School Facilities Infrastructure Improvement Act of 1994) assistance for construction and renovation of educational facilities. (Sec. 202) Revises provisions relating to findings and the purpose of such title. Names current provisions as the part A General Infrastructure Grant Improvement Program Establishes a Construction and Renovation Bond Subsidy Program. Directs the Secretary of Education to award entitlement grants to States and local bond authorities to pay portions of interest costs applicable to bonds issued to finance specified activities for the construction and renovation of educational facilities in local areas. Makes appropriations for FY 1998 for such bond subsidy program. (Sec. 203) Amends the Education Infrastructure Act of 1994 to extend the authorization of appropriations for the General Infrastructure Grant Improvement Program. Makes appropriations for FY 1998 through 2002 for such program. Entitles to payments each State or local bond authority awarded a grant under the program. Title III: America Reads Challenge - Subtitle A: Parents as First Teachers Challenge Grants - Parents as First Teachers Challenge Grant Act of 1997 - Authorizes the Secretary to award: (1) at least two grants to public or private agencies or institutions to support national or regional networks that share information on helping eligible children to read; and (2) at least two grants to State or local government agencies, nonprofit community groups or organizations, or consortia thereof, for programs or activities that help parents to be good teachers to their children and assist them in learning to read. Makes children eligible if they are attending any level from pre-school through third grade. (Sec. 317) Authorizes appropriations for FY 1998 through 2002 for such challenge grant program. Entitles grant recipients to payments. Subtitle B: Challenging America's Young Readers - Challenging America's Young Readers Act of 1997 - Directs the Secretary of Education and the Chief Executive Officer of the Corporation for National and Community Service (the Administrators) to: (1) make allotments to State educational agencies for grants for reading tutoring programs for children attending any level from pre-school through third grade; and (2) reserve certain amounts for direct grants to local reading programs, national leadership and evaluation activities, programs for Indian children, and programs in territories. (Sec. 330) Directs the Chief Executive Officer of the Corporation for National and Community Service to make available to carry out this subtitle for FY 1998 through 2002 specified funds under the National and Community Service Act of 1990. Makes appropriations to the Secretary of Education to carry out this subtitle for FY 1999 through 2002. Entitles to payments each entity receiving an allotment, awarded a grant, or entering into a contract or cooperative agreement, under this subtitle. Title IV: Investing in Technology for the Classrooms - Subtitle A: Sense of the Senate - Expresses the sense of the Senate that it is in the Nation's best interest for the Federal Government to invest at least $1.8 billion in additional funding for education technology programs between FY 1998 and 2002. Subtitle B: Educational Technology Clearinghouses - Directs the Secretary of Education to make grants to or contracts with regional public or private nonprofit entities to support a system of regional educational technology clearinghouses, developed according to specified requirements, to serve each geographic region of the United States. (Sec. 424) Authorizes appropriations for FY 1998 through 2002.