Bills, Legislation

In This Week's Edition of Snapshot: “Tax Cuts 2.0” Passes House, Expected to Stall in Senate; Government Shutdown Averted, December Vote Looms; Tax Writers Remain Hopeful That IRS Reform Will Happen Before Year’s End; Rettig Officially Sworn In to Become IRS Commissioner; Sen. Scott Sends Letter to Treasury About Opportunity Zones; Single Portal Filing Debuts as “Soft Launch” in Two States; Nonprofit and Foundation Tax Exemptions Remain in Flux.

In This Week's Edition of Snapshot: An Update on Tax Reform 2.0; Kyl to Fill Vacant Arizona Senate Seat Left by McCain; Rocky start for Kavanaugh’s Confirmation Hearings; Federal Reserve Board Releases New Publication; Primary Upset in Massachusetts; SALT Workaround Proposed Regulations Cause Surprise, Concern; How Will Foundations and Nonprofits Fare After Wayfair?

In This Week's Edition of Snapshot: Johnson Amendment Attack Reiterated by Sen. Lankford; Bills to Repeal UBIT Changes Introduced in Senate; Bill to Reinstate Schedule B Requirements for All Nonprofits Introduced in Senate; Senate Finance Votes to Advance Treasury/IRS Nominations; Appropriations Continue Moving Swiftly, Although Roadblock Looms in the Distance; IRS Releases Final Regulations on Charitable Contribution Substantiation; In the States: Boston Continues Targeting Nonprofit Property Tax Exemption.

In This Week's Edition of Snapshot: Johnson Amendment Attack Reiterated by Sen. Lankford; Bills to Repeal UBIT Changes Introduced in Senate; Bill to Reinstate Schedule B Requirements for All Nonprofits Introduced in Senate; Senate Finance Votes to Advance Treasury/IRS Nominations; Appropriations Continue Moving Swiftly, Although Roadblock Looms in the Distance; IRS Releases Final Regulations on Charitable Contribution Substantiation; In the States: Boston Continues Targeting Nonprofit Property Tax Exemption.

The Council on Foundations on Tuesday lauded the introduction of the Workforce Development Through Post-Graduation Scholarships Act by Representatives Darin LaHood (R-IL) and Terri Sewell (D-AL). The bill would allow charitable foundations to administer post-graduation scholarship programs to combat “brain drain,” stimulate regional economic growth, and help address the growing student debt crisis.