Legislative Update - March 7, 2007

A View from Capitol Hill: Given the spotlight on the charitable sector last year by Congress, we are sensing that key policymakers are taking a more “hands-off” approach this year.  Recently, House Ways and Means Committee Chairman Rangel was quoted in the BNA Daily Tax Report declaring that tax-exempt entities are “off the table” as a source for potential revenue raising.  Further, Chairman Baucus of the Senate Finance Committee has indicated that he intends to reach out to the charitable community to seek their guidance on advancing some of his priorities – including children’s health and public pre-K through Grade 12 education. 
 
New Documents: Last week, the Congressional Budget Office (CBO) issued its compendium of, among other things, potential revenue raisers and tax incentives, known as the “options list.”  The options list comes out every two years as a means to provide revenue raising and tax incentive options for Congress.  These proposals come from a variety of sources, including legislative proposals, the President’s budget, as well as Congressional and CBO staff.  It is important to note that the list of 250 options is merely a compilation, with no endorsement from CBO.  Further, there were no revenue raisers aimed at the charitable community, only tax incentives.  The list of options can be viewed here.

Of course, we will continue to keep you abreast of any new information as it becomes available and, should you have any questions, please don’t hesitate to contact us at cfox@vennstrategies.com.

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