May 24, 2004

The Senate passed S. 1637 the Jumpstart Our Business Strength Act (JOBS) May 11, which began as a trade bill, but now includes numerous tax provisions. The tax extenders are part of this bill that means the inclusion of the Qualified Zone Academy Bond Program (QZAB). QZABs would be extended for two years, 2004 and 2005, retroactive to December 31, 2003. This extension is at the same level of funding, $400 million each year.

In November 2003, the House passed a one-year extension as part of a larger tax extenders package. The House has yet to act on its version of the FSC trade bill although the bill has been reported out of the Ways and Means Committee.

QZAB bonds are used by school districts to finance the renovation and repair of school buildings and have been used successfully in 48 states. Many states have waiting lists for these projects.