Tax Reform Proposal Could Result in Decreased Giving

Monday, October 2, 2017

Tax Reform Proposal Could Result in Decreased Giving

 

Dance/NYC works in alliance with Dance/USA, the national service organization for professional dance.

Dance/USA logo

 

 

 

 

On Wednesday, September 27, a small group of GOP tax writers from the White House, Senate and House of Representatives released a tax reform framework titled "Unified Framework for Fixing Our Broken Tax Code." While this framework offers few details, the information provided would have a significant impact on the charitable sector.

The framework preserves the charitable deduction. Once a concern among nonprofits, this important tax incentive that supports nonprofits and the communities they serve has received strong bipartisan support in Congress in recent years.

The framework would also double the standard deduction, reducing the number of taxpayers who itemize from 33.3% to just 5%, which could lead to reduction in giving by $13 billion per year. Dance/USA, as a member of Independent Sector and the Charitable Giving Coalition, has urged lawmakers to continue to protect giving by implementing a universal charitable deduction that would be available to all taxpayers, whether or not they itemize. Both Congress and the administration have made tax reform a priority, and tax policy writers are drafting legislative language for a more comprehensive bill. 

On average, 40% of the annual revenue to performing arts organizations comes from private contributions, which support accessibility to performances, engagement initiatives and educational programs that benefit our communities. Dance/USA will continue to represent the field and urge Congress to protect giving.

Dance/USA will share additional information as more becomes available.

Additional resources: 


previous listing  •  next listing

 

Find More Dance Events