{"id":44297,"date":"2025-06-18T16:09:35","date_gmt":"2025-06-18T16:09:35","guid":{"rendered":"https:\/\/americanorchestras.org\/?p=44297"},"modified":"2025-06-23T18:10:27","modified_gmt":"2025-06-23T18:10:27","slug":"newsflash-senate-releases-tax-reform-package","status":"publish","type":"post","link":"https:\/\/americanorchestras.org\/newsflash-senate-releases-tax-reform-package\/","title":{"rendered":"Newsflash! Senate Releases Tax Reform Package"},"content":{"rendered":"\n<p>June 18, 2025<\/p>\n\n\n\n<p>Orchestras continue to speak up as Congress takes action on policies that will have a big impact on charitable giving and the nonprofit sector. The U.S. Senate has released its <strong><a href=\"https:\/\/www.finance.senate.gov\/chairmans-news\/chairman-crapo-releases-finance-committee-reconciliation-text\" target=\"_blank\" rel=\"noreferrer noopener\">draft comprehensive tax reform package<\/a><\/strong>, modifying the version passed by the U.S. House of Representatives last month as part of a massive budget reconciliation bill. The Senate bill:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Creates a permanent universal charitable deduction for nonitemizers, for giving up to $1,000 for individuals and $2,000 for joint filers<\/li>\n\n\n\n<li>Maintains the House-proposed 35% cap on the rate of deductibility of giving and creates a new .5% floor for charitable deductions by itemizers&nbsp;<\/li>\n\n\n\n<li>Removes the House provision that would have taxed nonprofits for providing parking benefits<\/li>\n\n\n\n<li>Strikes the House provision that would have increased the excise tax on private foundations<\/li>\n<\/ul>\n\n\n\n<p>The <strong><a href=\"https:\/\/www.councilofnonprofits.org\/files\/media\/documents\/2025\/chart-tax-legislation-2025.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">National Council of Nonprofits provides an overview<\/a><\/strong> comparing the House and Senate versions of nonprofit policies and the <strong><a href=\"https:\/\/americanorchestras.org\/learn\/advocate\/contact-congress-today\/?vvsrc=%2fcampaigns%2f39013%2frespond\">League\u2019s Tax Policy and Charitable Giving Campaign<\/a><\/strong> includes resources to help your orchestra continue to speak up as Congress negotiates the final bill. Thank you for your advocacy, and please continue to tell your members of Congress to support policies that grow charitable giving and protect the nonprofit sector from harm!<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Orchestras continue to speak up as Congress takes action on policies that will have a big impact on charitable giving and the nonprofit sector. The U.S. Senate has released its draft comprehensive tax reform package, modifying the version passed by the U.S. House of Representatives last month as part of a massive budget reconciliation bill.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-44297","post","type-post","status-publish","format-standard","hentry","category-news","format-article","news-type-advocacy-news","news-type-advocacy-updates","news-type-newsletter","topic-advocacy","topic-development-fundraising","topic-engaging-policy-leaders","topic-international-artists-and-visas","topic-visa-and-tax-requirements"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Newsflash! 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