This bill amends the Internal Revenue Code, with respect to empowerment zones, to: (1) extend the termination date for empowerment zone designations to December 31, 2020, and (2) allow nominations for existing zones to be amended to provide for the new termination date.
(Empowerment zones are federally designated geographic areas where certain federal tax incentives and grants are allowed to increase investment and employment.)
The bill also extends the $400 million annual limitation for qualified zone academy bonds to 2018, 2019, and 2020. (Under current law, the limit is zero after 2016 unless provisions permitting the carryover of unused limitation apply.)