Colorado charities worry about what kind of new tax overhaul may come out of Washington, D.C.
Colorado Nonprofit Association's View of Tax Reform and Nonprofits
On Nov. 9, the House Ways and Means Committee passed H.R.1, The Tax Cuts and Jobs Act. This bill lowers tax rates for many individuals and businesses, repeals many tax credits and deductions, and reduces federal revenues by $1.5 trillion over the next decade.
The bill is expected to be heard on the House floor the week of Monday, Nov. 13. The Senate Finance Committee is also expected to hear tax reform legislation starting the week of Nov. 13.
- H.R.1 undermines key charitable giving incentives.
- H.R.1 opens the door to politics in the nonprofit sector.
- H.R.1 reduces federal revenues which also reduces many nonprofits' services.
- H.R.1 taxes particular activities to raise revenue from the nonprofit sector.