By Travis F. Jackson, J.D.
Republicans in the U.S. House of Representatives introduced the Tax Cut and Jobs Act, H.R. 1, on November 2, 2017, with the goal of overhauling the nation’s tax code for the first time in 31 years. The House Ways & Means Committee stated that the proposed overhaul would "strengthen accountability rules for tax-exempt organizations to ensure the churches, charities, foundations, and other organizations receiving tax-exempt status are focused on helping people and communities in need."Many of the proposed reforms, however, such as eliminating private activity bonds, penalizing certain compensation arrangements, expanding the unrelated business income tax and taxing university endowments, would weaken efforts by tax-exempt organizations, particularly charitable hospitals, to help people and their communities. If passed, the changes imposed by the bill generally would be effective for taxable years beginning after December 31, 2017.
Read further, "House tax plan weakens charitable hospitals."
About the Author: Mr. Jackson is a partner in the Los Angeles office of King & Spalding LLP. The views reflected in this article are those of Mr. Jackson and not of King & Spalding LLP.
Attorneys: Travis F. Jackson (King & Spalding LLP).
MainStory: StrategicPerspectives 340BNews GeneralNews
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