Tax Reform Impact on Nonprofits

The Democratic staff of the Joint Economic Committee of Congress has released a new report: “The Economic Impact on Charities of the 2017 Tax Act.” The report highlights the unintended consequences of some provisions of tax reform including: the increase of the standard deduction; the increased costs from the unrelated business income taxes (UBIT) on nonprofit transportation benefits; the requirement to pay UBIT on each separate trade or business; and the exclusion of nonprofits from the new family and medical leave tax credit. The report found, “If Congress does not undo these harms, many nonprofits will be forced to cut back staff and services, and some may have to cease operating.” 

Post date: April 18, 2019
Topics: National News

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