Yesterday, The House approved a massive spending and tax package (HR 1158, HR 1865) that includes several important provisions affecting the work of charitable fundraisers. The Senate is expected to follow suit this week, and White House aides have indicated President Trump will sign the two measures into law before a temporary spending bill expires at midnight on Friday.
Included in this legislation is the text of the SECURE Act, a major retirement savings bill. CGP discussed this legislation during its Fall 2019 Advocacy Update.
In addition to the SECURE Act and the various spending priorities in the two bills, other provisions relating to the non-profit sector include a retroactive repeal of the 2017 tax on transportation benefits – such as parking or transit – that nonprofit organizations provide to their employees and a simplification of the private foundation excise tax to a single rate.
Other bigger-ticket items, like a universal charitable deduction and an expansion of the IRA Charitable Rollover were not included in this year-end package, but CGP looks forward to advancing these and other issues in the New Year.