December 17, 2014
The Senate passed H.R. 5771, the Tax Increase Prevention Act (the tax extenders bill), Tuesday December 16 without amendments. Federal Legislative Advocate Bob Canavan has provided the update below on the action.
Senate Tax Extenders:
The Senate passed H.R. 5771, the Tax Increase Prevention Act (the House tax extender bill) without amendments by a vote of 76-16 on Tuesday, December 16. H.R. 5771 extends 55 expired tax provisions for one year (2014). The extenders bill includes a one-year $400 million extension of the Qualified Zone Academy Bond (QZAB) program. The bill also included a one-year extension of the Energy Efficient Commercial Building Deduction.
House Tax Extenders Action:
On December 3, the House passed the Tax Increase Prevention Act (H.R. 5771), the tax extenders package to retroactively extend the tax provisions which expired in 2013 for one year (2014), on a 378-46 vote.
Congressional approval of the extenders bill with the one year extension of programs such as QZABs provides temporary financial stability to the extenders programs.
The QZAB program has cost effectively renovated and repaired schools and classrooms in California and every state since 1998. California school districts have used more than $1.2 billion in Qualified Zone Academy Bonds in the last ten years.
The Coalition for Adequate School Housing will work with the 114th Congress to advance school facility issues and with the Ways and Means and Finance Committees to continue and improve tax extender provisions such as the Qualified Zone Academy Bond program and the energy efficient buildings deduction as comprehensive tax reform moves to the front of the agenda.