Congressional Proposals for Nonprofit Tax Breaks and Extenders

In February, the House of Representatives passed several tax bills and the Senate Finance Committee approved several tax bills that, if ultimately enacted, would impact tax-exempt organizations. The House bills would reduce the excise tax on the net investment income of private foundations. It also would extend and make permanent the temporary provisions applicable to IRA charitable distributions, conservation easements and contributions of food inventory, as well as the basis rules for stockholders of S corporations making charitable contributions of property.