Charities lobbying to restore expanded tax deduction for giving
After temporary expansions meant to help charities stay afloat during the COVID-19 crisis expired at the end of the year, advocates are hoping for a revival. A bill led by Chris Pappas (D-N.H.) in the House and James Lankford (R-Okla.) in the Senate would allow above-the-line deductions worth up to one-third of the standard deduction a taxpayer took for 2021 and 2022.
Latest COVID-19 Legislation Has Some Good Signs for Nonprofits, Fate Uncertain
On May 12, House Democrats unveiled their latest proposal to confront the public health, economic, and societal consequences of the COVID-19 pandemic. Dubbed the Health and Economic Recovery Omnibus Emergency Solutions—HEROES—Act, the roughly $3 trillion bill is perhaps a starting point for negotiations once all parties can be coaxed to the table. If negotiations do start with the HEROES Act, it would represent yet another positive step for nonprofit advocates who have lifted their voices nationwide.
Complete Repeal of Taxes on Transportation Benefits
In an end-of-year push, nonprofits nationwide scored a huge victory late Friday night (12/20/2019): the comprehensive budget bill passed by Congress, and signed into law by the President, includes a complete repeal of the federal unrelated business income tax (UBIT) on nonprofits that provide transportation benefits to their employees.
The NH Center for Nonprofits and NH Charitable Foundation will be sending a letter to both Senator Ayotte and Senator Shaheen regarding the America Gives More Act, and we need your support.