Policy Alert: House GOP Proposal Calls for Tax Increase on Private Foundations - Up to 10%
On Monday, Republicans on the House Ways & Means Committee released the text of their portion of a massive legislative package making its way through Congress.
The language confirms earlier reporting that the committee is seeking to increase the private foundation excise tax on net investment income - as high as 10 percent on the largest foundations. Specifically, the legislation would create a tiered system as follows:
Lawmakers need to hear from you: Tell them this tax increase would deprive community nonprofits of resources during a time of budget cuts and uncertainty around federal funding.
You can view key messages for phone calls and emails here. Look up your member of Congress and their contact information here.
This message is especially important for House members on the Ways & Means Committee. In the Philanthropy Southeast footprint, this includes:
- Rep. Aaron Bean (R-Florida)
- Rep. Don Beyer (D-Virginia)
- Rep. Vern Buchanan (R-Florida)
- Rep. David Kustoff (R-Tennessee)
- Rep. Greg Murphy (R-North Carolina)
- Del. Stacey Plaskett (D-U.S. Virgin Islands)
- Rep. Terri Sewell (D-Alabama)
- Rep. Greg Steube (R-Florida)
It's important to act now: The Ways & Means Committee is set to hold a hearing on this bill tomorrow afternoon, and whatever language they approve is likely to make it onto the House floor. While there will be other opportunities to help shape this legislation, it's important that philanthropy's voice be heard at every stage of the process.
As this bill moves through the legislative process, we will keep you updated - thank you for using your voice to defend philanthropy and the charitable sector!
