On October 11, 2017, the Council on Foundations released the following statement from President and CEO Vikki Spruill:
“Earlier this morning, the Council met with congressional staff to discuss the introduction of the Universal Charitable Giving Act of 2017(HR 3988). This proposal places the discussion about a universal charitable deduction squarely in the midst of the ongoing tax reform negotiations, and that’s good news for foundations and the nonprofit sector. We thank Rep. Mark Walker of North Carolina for taking up this issue and moving it forward.
We do have concerns about language in the bill which limits the ability of non-itemizers to claim the charitable deduction to one-third the value of the standard deduction. As currently drafted, the cap would limit the value of the charitable deduction for non-itemizers, an inclusion we believe would ultimately harm charitable giving. The Council remains committed to securing legislation that preserves the full scope and value of the charitable deduction. Together with Rep. Walker, his staff and our members in his congressional district, we look forward to engaging with him further in this important conversation.”
About the Council on Foundations
An active philanthropic network, the Council on Foundations (www.cof.org), founded in 1949, is a nonprofit leadership association of grantmaking foundations and corporations. It provides the opportunity, leadership, and tools needed by philanthropic organizations to expand, enhance and sustain their ability to advance the common good. With members from all foundation types and sizes, the Council empowers professionals in philanthropy to meet today’s toughest challenges and advances a culture of charitable giving in the U.S. and globally.