Policy Alert: House Republicans Eye "Big New Taxes" on Private Foundations
Late Friday, Politico reported that "House Republicans are aiming to put big new taxes on private foundations amid their push to raise revenue for their sweeping domestic policy legislation."
If this proposal became law, it would threaten billions of dollars in giving to community nonprofits and represent an unprecedented attack on charitable giving.
The reporting by Politico has not been confirmed, but we expect to learn as early as today whether the increased excise tax will be included in legislation the House Ways & Means Committee is expected to consider this week. The legislation could also include other provisions that help or harm the charitable sector.
Once bill text is released, it will be critical that lawmakers hear from you and know that any legislation they consider should boost the charitable sector, not limit its ability to make a positive impact in communities across our region.
You can prepare to act now by looking up your member of Congress and their contact information.
We will be in touch soon with more information. Thank you for everything you do, and for standing up for our sector!
