The Joint Committee on Taxation released an extensive report this week, the work of 11 House Ways and Means Committee Tax Reform Working Groups, on current tax law and possible ramifications to overhauling it. Tax-exempt organizations are highlighted with the charitable tax deduction receiving particular attention beginning on page 43 and on page 491. Specifically, comments received by Congress on protecting the charitable deduction, as well as comments recommending alterations, are summarized.
House Ways and Means Committee Chairman Dave Camp (R-MI) and Ranking Member Sander Levin (D-MI) jointly stated, "This document provides an important and comprehensive overview of the tax code, an overview of some of the most commonly referenced previous tax reform proposals and summarizes the views of more than 1,300 submissions offered to the Ways and Means Committee by key stakeholders. The Committee will dig into its details over the coming weeks.”
Recently, NRB President & CEO Dr. Frank Wright declared, “The charitable deduction is a century-old proven success. Diminishing its value would essentially commandeer voluntary donation money away from important ministries and into federal coffers, ultimately to the detriment of the communities those ministries serve.”
By Aaron Mercer, Vice President of Government Relations
Published: May 10, 2013