On December 17, 2015 the House passed The Protecting Americans from Tax Hikes (PATH) Act of 2015, a $680 billion tax extender bill. Section 164 of the PATH Act authorizes the issuance of $400 million of qualified zone academy bonds in 2015 and 2016. Section 171 of the PATH Act extends through December 31, 2016 tax benefits, including tax-exempt bonds, in empowerment zones. Section 171 also modifies Section 1394 of the Internal Revenue Code, concerning tax-exempt enterprise zone facility bonds. The modifications are effective for bonds issued after December 31, 2015.
The Senate is expected to approve and the President to sign the PATH Act.
Click here to view the PATH Act (See page 69 for Section 164 and page 77 for Section 171).