{"id":619,"date":"2017-11-23T23:00:00","date_gmt":"2017-11-24T00:00:00","guid":{"rendered":"http:\/\/www.fullrenovations.com\/?p=619"},"modified":"2025-04-08T15:26:37","modified_gmt":"2025-04-08T15:26:37","slug":"the-gop-tax-bill-could-cost-nonprofits-billions","status":"publish","type":"post","link":"http:\/\/www.fullrenovations.com\/index.php\/2017\/11\/23\/the-gop-tax-bill-could-cost-nonprofits-billions\/","title":{"rendered":"The GOP Tax Bill Could Cost Nonprofits Billions"},"content":{"rendered":"

\n\tRegardless of where you get your news, you’ve probably heard about the GOP’s controversial Tax Cuts and Jobs Act. Many of the conversations surrounding the bill have been centered around what it could mean for individual taxpayers.<\/del><\/strong>\n<\/p>\n

\n\tBut you may not have heard much about what the bill means for nonprofits, the institutions that make up the vast majority of the dance world\u2014from cultural giants like New York City Ballet to dance service organizations like The Actors Fund.\n<\/p>\n

\n\tThe bill is extremely complicated, but thankfully Dance\/USA helped us<\/a> tease out some of the ways that the current Senate legislation could impact funding for nonprofit arts institutions:\n<\/p>\n

\n\tDoubling the standard deduction: <\/strong>
\n\tThough this would decrease the amount of taxes owed for some individuals, it could cost nonprofits billions. With a higher standard deduction, <\/strong>it is estimated<\/a> that only five percent of people would itemize their deductions (which is done in place of taking the standard deduction, and allows you to deduct things like charitable contributions and business expenses). This is expected to reduce charitable giving by a whopping $13 billion a year.\n<\/p>\n

\n\tIncreasing the limit on charitable gifts: <\/strong>
\n\tThis is one of the potentially positive aspects of the bill for nonprofits. It would increase the limit on charitable gifts from 50 percent of adjusted gross income to 60 percent. This would likely only affect donations from very high-income donors.\n<\/p>\n

\n\tEliminating the Pease Limitation<\/strong>
\n\t: Similarly, this provision could potentially increase giving among very high-income donors. The Pease Limitation currently limits how much charitable giving (and other itemized expenses) can be deducted.\n<\/p>\n

\n\tDoubling the estate tax exemption: <\/strong>
\n\tThis would likely reduce the amount of charitable gifts included in estates, because wealthy individuals would be able to leave more (up to $10 million) to their heirs without paying estate taxes.\n<\/p>\n

\n\tThere’s still time to urge your representatives to pass a more arts-friendly bill. Here’s what you can do:<\/p>\n

\n\t\tAdvocate for a universal charitable deduction:<\/strong>
\n\t\t Senators Debbie Stabenow (D-MI) and Ron Wyden (D-OR) have proposed an amendment that would allow taxpayers to deduct their charitable contributions whether they itemize or not. Contact your representatives<\/a> (in the Senate and the House!) and ask them to support this provision.\n\t<\/p>\n

\n\t\tAsk your representatives to vote “no”:<\/strong>
\n\t\t The GOP wants to have legislation on the President’s desk by Christmas. Tell your representatives that you want them to vote “no” on any bill that could cost nonprofits billions in funding.\n\t<\/p>\n

<\/span><\/p>\n

The post The GOP Tax Bill Could Cost Nonprofits Billions<\/a> appeared first on Dance Magazine<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Regardless of where you get your news, you’ve probably heard about the GOP’s controversial Tax Cuts and Jobs Act. Many of the conversations surrounding the bill have been centered around what it could mean for individual taxpayers. But you may… <\/p>\n","protected":false},"author":1,"featured_media":305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"_links":{"self":[{"href":"http:\/\/www.fullrenovations.com\/index.php\/wp-json\/wp\/v2\/posts\/619"}],"collection":[{"href":"http:\/\/www.fullrenovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.fullrenovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.fullrenovations.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.fullrenovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=619"}],"version-history":[{"count":1,"href":"http:\/\/www.fullrenovations.com\/index.php\/wp-json\/wp\/v2\/posts\/619\/revisions"}],"predecessor-version":[{"id":620,"href":"http:\/\/www.fullrenovations.com\/index.php\/wp-json\/wp\/v2\/posts\/619\/revisions\/620"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.fullrenovations.com\/index.php\/wp-json\/wp\/v2\/media\/305"}],"wp:attachment":[{"href":"http:\/\/www.fullrenovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.fullrenovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=619"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.fullrenovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}