FROM AMERICANS FOR THE ARTS –
Republican leaders of the House Ways and Means Committee pushed through the release of their official tax reform bill H.R. 1 in Congress to overhaul the American federal income tax system. While it will take several days to fully analyze this 429-page bill and its potential impact on charitable giving, nonprofit organizations and professional artists, we encourage you to continue checking this page frequently as we post updates and further analysis.
Topline Proposed Change:
The charitable deduction is severely compromised by limiting the charitable tax deduction to only the highest income taxpayers. Read more here about the potential negative impact.
Encourage your Senators and House members to include a “universal charitable deduction” to the tax reform bill so that all taxpayers (not just the highest income individuals) are encouraged to give to their favorite charities and make the contributions a tax-deductible gift.