The “One Big Beautiful Bill Act,” signed into law on July 4th of this year, delivered on Republican lawmakers' promise of extending trillions of dollars of expiring tax relief while enacting new provisions, several of which were key Trump campaign promises. The legislation institutes major changes to the U.S. tax code, affecting the ways in which individuals and entities may approach their charitable giving and tax-exempt organizations operate.
However, this will not be the last opportunity for policymakers to change tax laws impacting the philanthropic sector. Given continued interest in and scrutiny of the tax-exempt sector, it can be expected that lawmakers will seek to advance proposals that did not make it into the new law, as well as further modifications to recently enacted provisions.
The following memo outlines the provisions of this legislation that will impact everyday givers, high-net-worth individuals, foundations and nonprofits – as well as opportunities to influence the implementation of these and other proposals affecting the sector moving forward.
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