On September 28, The House passed a Tax Reform 2.0 bill. Colorado's Representatives voted along party lines. The Senate is not expected to take action on these bills in 2018.
The framework focuses on three areas that follow up on the Tax Cuts and Jobs Act:
1. Making individual and small business tax cuts permanent. The framework includes GOP estimates for jobs, wages, and economic output
2. Increasing family savings. This includes proposals intended to help businesses offer retirement plans, families save more money, expand 529 education accounts, and pay for expenses for new babies.
3. Helping start-up businesses by allowing them to write off more of their initial costs and removing barriers to growth.
The bill draft will be available prior to the 9/13/2018 hearing. This bill could include provisions to permanently enact the standard deduction increase, the increase in the estate tax exemption, and other provisions affecting charitable giving. We will review the bill when it becomes available.
Visit our tax reform page for more information on key provisions of the Tax Cuts and Jobs Act affecting nonprofits.