Amends the Internal Revenue Code to modify the tax credit allowed to holders of qualified zone academy bonds to: (1) extend through 2007 the authority for issuing such bonds and the national limitation amounts for such bonds; (2) allocate, after 2005, the bond limitation among states based upon grant amounts received by such states for disadvantaged students under the Elementary and Secondary Education Act of 1965; (3) permit the use of such bonds for constructing public school facilities and for the acquisition of land for such facilities; (4) permit all taxpayers to qualify for the tax credit (currently restricted to banks, finance and insurance companies); and (5) allow the ownership of such bonds and the credit entitlement for holding such bonds to be separate.
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