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.
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.
Last 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:
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.
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.
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.