We feel it is vital to keep you informed about the current tax reform, active in in both the House and Senate. CGP appreciates the work you have done to help minimize the potential impact to charitable giving, and there is still more work to do.
The memorandum issued last week by the Joint Commission on Taxation clearly outlined the anticipated changes in the number of tax payers filing itemized deductions and the amount of revenue anticipated to be raised by charitable giving that is no longer eligible for a deduction. The changes are significant and support several studies and estimates by a variety of organizations that all reflect a decline in charitable giving under the proposed legislation.
The Senate is beginning its markup sessions for the Tax Cuts and Jobs Act now. Among the amendments already proposed are three amendments CGP and the sector should support immediately.
If one of your senators is on the Finance Committee it is especially important for you to contact them and ask them for their support of these amendments. Although the Committee is controlled by Republicans, all committee members have voice during the markup sessions. If both sides support the amendments, they may be adopted into the bill.
If your senators are not members of the Finance Committee, please contact their offices and ask that they reach out to the Finance Committee to express their support of the amendments. Establishing support is crucial during the markup period and for any potential floor vote in the Senate.
Thank you for your support and effort to help us to advocate for a healthy and strong charitable sector. Each and every individual effort matters. If you are able to forward this on to increase our impact, please do so. CGP will remain active and keep you informed as tax reform continues to move through legislature.
President and CEO