July 22, 2015
C.A.S.H. Federal Update
Good news – The Senate Finance Committee approved a $95 billion tax extenders package extending 52 expired tax provisions for 2 years, including the Qualified Zone Academy Bond (QZAB) program. QZABs provide tax credits to assist the financing of school renovation, repair and modernization projects. The approved Modified Chairman’s package also includes a modification to the QZAB program reducing the required local match from 10 to 5 percent. This change should particularly assist small and rural school districts. The Finance Committee hopes to bring the extenders bill to the Senate Floor for approval before Congress leaves Washington for its summer recess.
A Californians for School Facilities advocacy team, including C.A.S.H. Vice-Chair Don Ulrich, met in June with Finance Committee Republican and Democratic staff to discuss the successful use of tax credit bonds such as QZABS to finance more than $1 billion in California school renovation, repair and modernization projects.
~ Bob Canavan, Federal Legislative Advocate