JCT Memorandum Released

A memorandum from the Joint Committee on Taxation was released today, November 10, reporting the anticipated drop in taxpayers claiming charitable deductions under H.R.1. The JCT estimates the number of filers to be reduced from 40.7 million under current law to just 9.4 million under H.R.1. The estimated change in deductible contributions moves from $241.1 billion to $146.3 billion under the proposed bill. 

JCT Memorandum

View a full summary of the Senate “Tax Cuts and Jobs Act” prepared by the Joint Committee on Taxation staff here. Markup on this bill will begin on Monday, November 13.

 GOP's Tax Cut Proposal

Major Tax Reform Legislation Introduced in House

After months of drafting, GOP leaders introduced a 430-page bill last week, followed by the release of a mostly technical substitute amendment on Friday. A marathon mark-up in Ways & Means began Monday at noon with a number of substantive amendments expected. CGP presented an update on H.R. 1 today. Click below to hear how charitable giving may be impacted. 

 CGP Tax Reform Update H.R. 1 Talking Points

Monthly Advocacy Updates

Get the latest on policy and legislative activities in Congress that are important to charitable gift planning and the nonprofit sector by registering for CGP's monthly advocacy updates. We'll provide updates from 501c Strategies and insights from special guests. Please join us for our next update, open to CGP members, on Tuesday November 21, 2017 at 11:30a.m EDT. 

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Johnson Amendment Update

CGP is closely monitoring legislation that would weaken or repeal the so-called “Johnson Amendment,” a critical provision presently in the federal tax code that has protected charitable nonprofits, religious congregations, and foundations from political partisanship for over 50 years.  Specifically, current tax law requires that a 501(c)(3) organization “does not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of (or in opposition to) any candidate for public office.”  President Trump and some Republican leaders in Congress, however, oppose the Johnson Amendment and have vowed to modify the provision this year. Read More

For further information about the Johnson Amendment, recent articles on the impact of the proposed repeal and an opportunity to sign a letter in support of retaining the Johnson Amendment click here. 

College Endowments Face Possible Payout Regulations

The Republican-controlled Congress will soon be considering a plan that would require a quarter of gifts to the wealthiest colleges be used for middle-class financial aid. Otherwise, the donations wouldn't be fully deductible, and the schools risk their charitable status. Through his tax proposal, U.S. Representative Tom Reed, a Western New York Republican and vice chair of President-elect Donald Trump’s transition team, is taking aim at the richest schools. The plan would apply to the roughly 100 colleges with endowments exceeding $1 billion.  Read More            

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