FOR IMMEDIATE RELEASE
November 13, 2017
Contact: Johanna Tschebull
Last Thursday, the Senate released their version of tax reform legislation, the Tax Cuts and Jobs Act. Like the similarly titled bill released by the House of Representatives two weeks ago, the Senate reform bill retains the charitable deduction but also doubles the standard deduction. (It also increases the limit on charitable gifts from 50% of adjusted gross income to 60% of AGI, which would support giving from high-income donors.) As reported last week, doubling the standard deduction means that 95% of taxpayers would not itemize, leading to a possible reduction in giving of $13 billion annually.
Dance/USA, as a member of the Charitable Giving Coalition, has urged Congress to support a universal charitable deduction, available to all taxpayers whether they itemize or not, incentivizing more Americans to contribute to charities supports nonprofit capacity and makes our communities healthier and more vibrant.
Yesterday, Senators Debbie Stabenow (D-MI) and Ron Wyden (D-OR) offered an amendment to support increased giving by proposing a universal charitable deduction. Representative Mark Walker (R-NC), also proposed a universal charitable deduction that was capped at 1/3 of the standard deduction.
Other updates in the Senate bill include:
The Senate Finance Committee is working on this bill today while the House continues working on their legislation. Contact your lawmakers and urge them to support a universal charitable deduction available to all taxpayers, further incentivizing Americans to support their communities by sustaining the charitable sector.
To learn more about these and other issues, visit Dance/USA's advocacy page. And please take a minute to join arts advocates from across the U.S. in urging Congress to support policies and legislation that impact the arts sector.