and related expenses, and is effective for expenses paid after Dec. 31, 2015, for education furnished in academic periods beginning after Dec. 31, 2015. New markets tax credit The bill extends the new market tax credit for five years through 2019 with an annual allocation of $3.5 billion. It also extends the carryover period for unused new market tax credits for five years, through 2024.

The credit remains available to taxpayers investing in the stock of a corporation or a capital interest in a partnership directly from a qualified community development entity. Next steps Many of the changes are already effective for the 2016 tax year, and non-for-profits must ensure they comply with these rules immediately. Some of the other provisions may create new fundraising opportunities and future reporting challenges. Organizations should begin immediately considering how the changes affect them. The information contained herein is general in nature and is based on authorities that are subject to change.

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