Up to $20 billion projected loss to nonprofits annually
Both U.S. Senate and House Tax Reform Bills That Passed Out of Their Respective Chambers
Are Now In Conference to Develop a Unified Bill
A unified U.S. Congressional tax reform bill is being developed now in conference to work out the differences between the House and Senate bills. The goal is to pass a unified tax reform bill before the end of this year so the President can sign it into law.
The Universal Charitable Deduction Amendment we encouraged you
last week to ask Florida U.S. Senators Nelson and Rubio to support never even got an opportunity to be heard on the Senate floor; so, this proposed policy did not make it into the final Senate bill. Many thanks to each of you who did ask Senators Nelson and Rubio for their
support of the Universal Charitable Deduction Amendment. We regret it did not get an
opportunity to be heard or voted on.
Note that both of these bills that passed will have substantial negative impact on charitable giving -- an estimated annual loss of up to $20 billion to the nonprofit sector.
On 12-4-17, Americans for the Arts Action Fund posted and emailed an excellent side-by-side on the impact these tax reform policies will have on the nonprofit arts sector.
There is a national call tomorrow to review and discuss the next advocacy steps for the nonprofit sector to take regarding tax reform.
We will let you know what decisions were decided among leaders in the nonprofit sector. It is important to demonstrate strong national collaboration and cooperation to deal with this issue now and into the future.
