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On the state and federal level, there is a lot at stake for every nonprofit in budget and tax debates right now. The Nebraska Legislature will again convene in January facing a significant budget shortfall, projected at roughly $195 million in the current two-year budget cycle.
Simultaneously, the U.S. Senate is considering a package to overhaul the tax code, which has far-reaching implications for nonprofits, including two that NAM is watching closely. First, changes to the charitable tax deduction may mean that only 5% of tax payers will itemize deductions leading to a drastic reduction in charitable contributions. Second, changes to the Johnson Amendment are also included in this package, which would end nonpartisanship for nonprofits, something that is essential to charitable nonprofit existence.
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