Federal Legislation

Camp Proposal and Charitable Giving

By Robert Sharpe

In late February 2014, Representative Dave Camp (R-MI) put forth what’s been described as the most serious tax reform proposal (the Camp proposal) since the historic Tax Reform Act of 1986 (the 1986 Act). The Camp proposal represents the result of many months of study and hearings with representatives of many of the United States’ economic sectors and includes provisions drawn from both Democratic and Republican suggestions for tax reform and simplification.

While few observers believe that this proposal will become law in its current form, many think that it may, in fact, serve as a blueprint for future tax reform discussions.

Let’s explore ways in which this proposed legislation would impact charitable tax incentives, as we begin to contemplate its impact on income and estate tax planning.

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ACR News 04.17.14—Tax Extenders, Budget, ACR Webinar

>> Federal: Tax Extenders Take Center Stage
>> Federal: House Budget Vote
>> Federal: ACR Webinar
>> Top Reads: Charities Critical of New Federal Giving Rules


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IRS to Re-Propose Rule Defining Political Activity for Nonprofits

Internal Revenue Service Commissioner John Koskinen said in an interview this week with USA Today’s Susan Page that the IRS will likely rewrite the rule it proposed defining political activity of nonprofit organizations.

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ACR Blog: Wyden Reaffirms Support for Charitable Deduction, Troubled by Floor Proposal

Wyden_photoLast week, Senate Finance Committee Chairman Ron Wyden (D-OR) publicly voiced concern over a proposal of a “giving floor” on the charitable deduction at the annual meeting of the National Council of Nonprofits. He also reiterated his stance that the charitable deduction is a “lifeline, not a loophole.” From the National Council of Nonprofits:

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ACR News 04.04.14

Camp to Retire, Tax Extenders Advance, Some High Praise Offered

>> Federal: Camp Announces Retirement
>> Federal: Tax Extenders Move Forward
>> Federal: Ryan Releases Budget Blueprint
>> Consider This: Some High Praise
>> Top Reads: GOP Tax Reform’s Effect on Charitable Giving


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What do the Washington Monument and the charitable deduction have in common?

By Robert F. Sharpe, Jr.

As the scaffolding is coming down around the Washington Monument, we are reminded of the importance of protecting and preserving America’s iconic symbols.

Many might be surprised to learn that the Washington Monument restoration project was only partially funded by Congress on the condition that public dollars would be matched by private contributions. Fortunately, a generous individual stepped forward with the required matching funds.

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ACR Blog: Camp Not Seeking Reelection

Camp


House Ways and Means Chairman Dave Camp (R-MI) announced Monday that he would not be seeking reelection this year.

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ACR BLOG: Congress to Consider Tax-Related Typhoon Haiyan Legislation

Later today the House of Representatives will begin consideration of a bill seeking to boost charitable giving for recovery efforts related to Typhoon Haiyan, which devastated the Philippines last November. H.R. 3771, the Philippines Charitable Giving Assistance Act, is sponsored by Rep. Eric Swalwell (D-CA) and would allow contributions for Typhoon Haiyan recovery efforts made before April 15, 2014 to count as charitable deductions for tax year 2013. With many taxpayers about to complete tax filing for 2013, this could significantly boost relief efforts.

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ACR News 03.21.14 - It’s Going to be a Bumpy Ride

>> Federal: Reactions to Camp’s Draft Continue
>> Federal: Tax Extenders Activity Expected Soon
>> Federal: ACR Summit Wrap Up
>> Federal: Private Giving and George Washington’s Library
>> Consider This: It’s Going to be a Bumpy Ride
>> Top Reads: Tax reform puts charity on the chopping block


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An Interview with Barbara Lucas

Regent of the Mount Vernon Ladies' Association Discusses Private Giving and Washington's Library

MOUNT VERNON, VA—Barbara Lucas, regent of the Mount Vernon Ladies’ Association, discusses the Fred W. Smith National Library for the Study of George Washington, the Mount Vernon Ladies’ Association, and the critical role private giving plays at Mount Vernon.

This is the second of a two-part feature on private giving and the Fred W. Smith National Library for the Study of George Washington. Click here to see part one of the feature.

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