Billions may be at stake for Nonprofits with the proposed new Tax Reforms just announced this week. According to Andy Segedin of the Nonprofit Times, “The 429 page Tax Cuts and Jobs Act, contains numerous provisions with implications for the sector, including the partial repeal of the Johnson Amendment, a flat 1.4-percent tax on investment income for foundations, and a 1.4-percent excise tax on higher-education endowments”.
All eyes should be on the amendments that will be derived when the tax reform hits the House floor next week. The Senate is expected to release their own bill at some point. The Council of Foundations, National Council of Nonprofits, Alliance for Charitable Reform (ACR) and the Association of American Universities will certainly take note. A representative of each of the organizations weighed in on the potential effects of the proposed tax reform. Read the full article in the Nonprofit Times, Federal Tax Bill Targets Deductions, Endowments, Lobbying.
Contributions from the Nonprofit Times article.