The House and Senate have passed their respective versions of the Tax Cuts and Jobs Act, both of which contain provisions that are harmful to the charitable nonprofit sector. The two distinct tax reform bills now need to be reconciled before the two chambers can hold votes on a final tax reform package. This process, known as a conference, is expected to move very quickly.
We need your help to raise concerns with the provisions that could be harmful to the nonprofit sector including:
- Limiting the charitable giving deduction to those who itemize, which could decrease charitable giving by up to $13 billion per year.
- Efforts to allow charitable nonprofits to engage in political activity by repealing the Johnson Amendment. This move would jeopardize charitable giving and undermine the public trust in charitable organizations, ultimately doing more harm than good.
- Limits on access to capital that are important for nonprofit expansions. The House bill restricts or eliminates financing vehicles available to nonprofits including the New Market Tax Credit and tax-exempt bonds. If these provisions pass, capital will be more expensive and more difficult to access, thus putting more strain on charitable nonprofits and impacting their delivery of mission services.
Members of the House conference committee are: Kevin Brady (R-TX), Devin Nunes (R-CA), Peter Roskam (R-IL), Diane Black (R-TN), Kristi Noem (R-SD), Rob Bishop (R-UT), Don Young (R-AK), Greg Walden (R-OR), John Shimkus (R-IL), Richard Neal (D-MA), Sander Levin (D-MI) and Lloyd Doggett (D-TX), Kathy Castor (D-FL), and Raul Grijalva (D-AZ.)
The Senate conference committee members include: Orrin Hatch (R-UT), Mike Enzi (R-WY), Lisa Murkowski (R-AK), John Cornyn (R-TX), John Thune (R-SD), Rob Portman (R-OH), Sen. Tim Scott (R-SC) and Pat Toomey (R-PA), Ron Wyden (D-OR), Bernie Sanders (I-VT), Patty Murray (D-WA), Maria Cantwell (D-WA), Debbie Stabenow (D-MI), Bob Menendez (D-NJ), and Tom Carper (D-DE).
If you live or work in any of these states, your voice is especially important! Please click here and contact your lawmakers today.