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From: Philanthropy Today
Subject: A Preview of Fundraising in a Recession?
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Nonprofits and foundations scored major advocacy wins in the tax bill shaped by Senate Republicans. The measure doesn’t include a House-passed provision that would have imposed a higher tax on private foundations. Lawmakers also sharply reduced a new tax on college endowments proposed in the House measure. It would levy a tax of 8 percent for the largest institutions, not 21 percent as proposed in the House. And the bill would allow taxpayers who do not itemize to deduct up to $1,000 for individuals and $2,000 for married couples in charitable donations. The House bill was less generous, offering a tax deduction up to $150 for individuals and $300 for married couples. (Wall Street Journal [subscription] and New York Times)
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