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.
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.
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.