OUR THOUGHTS ON:

Valentine's Day Hearing on Charitable Contributions

Not-for-Profit

By Debra Ries

On February 5, 2013, Congressman Dave Camp (R-MI), Chairman of the House Ways and Means Committee, announced that the Committee will hold a hearing to examine the itemized deduction for charitable contributions as part of its work on comprehensive tax reform. In announcing the hearing, Chairman Camp said:

Public charities and private foundations perform invaluable services for our society, especially during this time of economic slowdown and high unemployment. These organizations depend upon the goodwill of the American people – the most giving and charitable people in the world. Because of the critical role that charities play, the Committee must hear directly from the charitable community before considering any proposals as part of comprehensive tax reform that might impact their ability to obtain the resources they need to fulfill their missions.

A number of proposals to limit the deduction for charitable contributions have been discussed in connection with comprehensive tax reform. The hearing will provide stakeholders and the public with an opportunity to share their perspectives on various proposals to limit, modify, or eliminate the deduction and the impact on charitable giving.

The hearing is scheduled to take place on Thursday, February 14, 2013, in Room 1100 of the Longworth House Office Building beginning at 9:30 a.m. Any individual or organization interested in providing oral testimony at the hearing should contact the Committee’s tax office. Written statements may also be submitted for consideration and for inclusion in the printed record of the hearing. Click here for additional details.

The Schneider Downs Nonprofit Tax team will monitor the outcome of the hearing.  If you have any questions regarding the hearing, please do not hesitate to contact Susan M. Kirsch at skirsch@schneiderdowns.com or Debra A. Ries at dries@schneiderdowns.com

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This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

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