Grantmakers of Kentucky Washington Update. August 27, 2012

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1 Grantmakers of Kentucky Washington Update August 27, 2012

2 About Independent Sector Membership Focused on federal level sector-wide issues IndependentSector Priorities determined by Board Tax incentives for charitable giving Tax exemption issues Advancing advocacy 2

3 IS Membership Receive the daily IS Media Digest and IS Policy Digest Get discounts to the IS Annual Conference and Public Policy Action Institute Attend free IS webinars on hot topics Participate in the Monthly Legislative Updates Get invited to regional member meetings Access IS members-only web content Contribute to IS s work at the national level 3

4 What s driving the agenda in Washington? Deficits and debt reduction The economy and job creation Elections and politics By 2025, federal revenue will cover only Social Security, Medicare, Medicaid and interest on the debt. By 2055, revenue won t even cover interest costs. 4

5 What s driving the agenda in Washington? Deficits and debt reduction The economy and job creation Elections and politics 5

6 What s driving the agenda in Washington? Deficits and debt reduction The economy and job creation Elections and politics 6

7 Increased Polarization in Congress

8 What s at stake for the nonprofit and philanthropic sector? The charitable deduction and other incentives to give Tax exempt status Critical sources of revenue Government reimbursements, contracts, and grants Fees for service Revenue from sale of goods and services Advocacy rights Top 10 Individual Tax Expenditures 8

9 What s at stake for the nonprofit and philanthropic sector? The charitable deduction and other incentives to give Tax exempt status Critical sources of revenue Government reimbursements, contracts, and grants Fees for service Revenue from sale of goods and services Advocacy rights Rep. Boustany (R-LA), chair of Oversight Subcommittee of House Ways & Means, has requested additional information on the taxexempt sector from the IRS and has begun to hold broad-based hearings on the taxexempt sector Sen. Grassley (R-IA), former chair of Senate Finance Committee, wants to know how much the nonprofit tax exemption costs the federal government 9

10 What s at stake for the nonprofit and philanthropic sector? The charitable deduction and other incentives to give Tax exempt status Critical sources of revenue Government reimbursements, contracts, and grants Fees for service Revenue from sale of goods and services Advocacy rights The economic health of the sector depends on diverse sources of revenue 10

11 What s at stake for the nonprofit and philanthropic sector? The charitable deduction Tax exempt status Critical sources of revenue Government reimbursements, contracts, and grants Fees for service Revenue from sale of goods and services Advocacy rights 11

12 Federal Policy Update Protecting incentives for giving and nonprofit sector capacity remain immediate priorities. The year-end legislative agenda could reach epic proportions. Tax reform will bring new challenges for public charities and 12

13 The Charitable Deduction Congressional leaders say all tax expenditures will be examined during tax reform Changes to the charitable deduction could be a potential cost offset for any spending proposal or tax proposal 13

14 Proposals to Change the Charitable Deduction Obama Administration 28% cap on deductions for individuals earning over $200,000 per year; families earning over $250,000 Estimated to reduce charitable giving by as much as $7 billion per year Bowles-Simpson (National Deficit Reduction Commission) Replace with a 12% tax credit for taxpayers who donate at least 2% of AGI to charity Rivlin Domenici Debt Reduction Task Force 15% tax credit to nonprofit organizations Demos, Economic Policy Institute, and Century Foundation Replace with 25% tax credit for all taxpayers 14

15 Short-Term Successes American Jobs Act Itemized deduction pulled by Democratic leadership as cost offset Senate Finance Committee Hearing Strong statements of support from Committee Ranking Member Hatch (R-UT) and Sen. Thune (R-SD) Payroll Tax Extension Speaker Boehner (R-OH) opposed using charitable deduction as cost offset 15

16 The Buffett Rule Minimum 30% tax rate on taxpayers with income over $1 million Charitable deduction would be the only deduction or exemption permitted Paying a Fair Share Act (S and H.R. 3903) would implement the Buffett Rule 16

17 Near-Term Issues Postal Reform Senate bill (passed April 25) preserved the nonprofit postal discount rate House bill reduces discount rate from 40% to 20% over 10 years; likely to remove provision Expired Tax Extenders IRA Charitable Rollover; enhanced deductions for food, books, computers and conservation easements Senate Finance Committee marked up a 2012/2013 extenders bill (August 2) 17

18 Year-end Taxmageddon 2001/2003 Bush tax cuts that expire at end of 2012 Rates for income/dividends/capital gains increase to 2001 levels Estate tax reverts to 2001 regime (55% maximum rate/$1 million exemption) Charitable deduction haircut ( Pease ) reinstated 2011 expired tax provisions ( tax extenders ) IRA charitable rollover Enhanced deductions for gifts of food, books, computers, and conservation easements 18

19 Year-end Taxmageddon Individual AMT patch expired at the end of 2011 Subjects additional 27 million taxpayers to AMT Employee payroll tax relief expires at end of 2012 Expanded unemployment benefits expire at end of 2012 Medicare physician payment rate slated for reduction at end of 2012 FY2013 spending bills likely will need to be completed Mandatory sequestration spending cuts effective Jan. 3, 2013 Possible need for Federal debt limit increase 19

20 Prospects for Major Tax Reform Lawmakers remain committed to tax reform House Ways and Means Committee Chairman Dave Camp (R-MI) expressed desire to enact a "fast-track" procedure that would compel Congress to act on comprehensive tax reform in Goals for tax reform vary Republicans argue for a simplified tax code, with scaled-back tax breaks and lower rates for individuals and corporations Democrats focus on increasing revenues, restoring fairness or equity, and high-income earners 20

21 Potential Nonprofit Tax Reform Issues Changes to the charitable deduction individual and corporate Narrower definition of exempt activities Commercial activity/ubit changes Executive compensation limits Nonprofit tax benefits to for-profit hybrid organizations 21

22 IS Principles for Deficit Reduction and Tax Reform As a matter of justice, fairness and effectiveness, steps taken to address the nation s fiscal challenges should favor policies that will not exacerbate income inequality or increase poverty. 22

23 America Faces The Perfect Storm Economic recovery slow Legislative activity at a standstill Lame duck Congress faces major tax issues 23

24 Public Policy Action Institute Home to the leading edge of thinking for the nonprofit sector. "The single best event of the year for my professional development." "Very informative! Great place to connect with members of the nonprofit sector." 24

25 How to Stay Connected IndependentSector.org On Facebook LIKE Independent Sector On Twitter follow and tweet with hashtag #IndSector Call

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