Starting tomorrow the House and Senate are expected to give final approval to major tax reform legislation, known as the Tax Cuts and Jobs Act (HR 1), before sending it to President Trump who has indicated he will promptly sign the measure into law. As discussed on our December 14 update, HR 1 is the most significant re-write of the United States Tax Code in three decades and, despite a historic lobbying effort by the nonprofit community, the legislation will significantly impair tax incentives for charitable giving and make a number of other changes that will greatly affect the tax-exempt sector.
This week the Senate will consider major tax reform legislation which will dramatically alter tax incentives for charitable giving. CGP is asking all members to contact their two United State Senators to advocate for a universal charitable deduction. Given all that is at stake, the time to act is now. Background information, a call to action, and suggested talking points are below. Please reach out to CGP with any questions as this process continues to unfold.
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.
Fast-Moving Tax Reform Legislation to Clear Key House Committee Today While Senate Leaders Plan to Unveil Their Reform Bill
(11-9-2017) Both the House and Senate are actively considering major tax reform legislation this week and next, which will dramatically alter tax incentives for charitable giving. As a result of this fast-moving legislation, CGP is asking all members to contact their Members of Congress today and tomorrow to advocate for a universal charitable deduction. Given all that’s at stake, the time to act is now.
WASHINGTON, DC – Earlier today Republican leaders in the House introduced the Tax Cuts and Jobs Act (HR 1), a 429-page mark of sweeping tax reform legislation that has taken key lawmakers months to draft. Text of the legislation can be found here. A section-by-section analysis can be found here.
Over the course of the next several weeks, CGP expects significant action on federal tax reform legislation. Here is how you can stay up-to-date with the latest news and analysis as well as opportunities for you to help CGP with our lobbying efforts on Capitol Hill.