Tax Policies Top Agenda For Lame Duck Congress

Tax Policies Top Agenda For Lame Duck Congress

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“The end-of-year tax bill is on everyone’s list of ‘must-pass’ legislation because Congress can do what it wants,” said David Thompson, vice president, public policy, for the National Council of Nonprofits. “The absolute unified push is to make those three charitable provisions permanent, regardless of what they do with other incentives,” he said.

The legislation also would allow taking a deduction on charitable gifts until April 15 of the following tax year, and reduce the excise tax rate on private foundations’ investment income from 2 percent to 1 percent. The Senate Finance Committee had proposed the full extenders package through next year, he said.

There’s less unanimity on making April 15 the deadline, according to Thompson, and the excise tax provision has been talked about for a long time. “There’s plenty of good reason to do it,” he said.

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The NonProfit Times
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