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| home > legislative update > 05.31.07
Legislative Status: May 31, 2007 In Congress: The Congress sent to the President the Iraq spending bill last week before adjourning for Memorial Day recess. As you may recall, the first version of this legislation (one that included a timeline for troop withdrawal from Iraq) was vetoed by President Bush. The bill included a tax bill portion and we understand that there were no charitable provisions included. Also, Senate Finance Committee (SFC) Ranking Member Chuck Grassley was quoted in a recent article that the committee has begun considering technical corrections to the Pension Protection Act of 2006 (PPA). While technical corrections are generally, as the name implies, “technical” fixes to legislation, Senator Grassley did note that additional policy changes could be included as well. Lastly, it was recently reported that SFC Chairman Max Baucus and Ranking Member Charles Grassley sent a letter to Treasury Secretary Henry Paulson with concerns about the Form 990. Senators Baucus and Grassley wrote, “The IRS must particularly recognize that the Form 990 is not adequate to encompass vital information regarding major parts of the nonprofit sector – especially hospitals and universities. It is for that reason that we view it as vital that the IRS include for major subsectors of the charitable field, supplemental information requests. Large, complex institutions, such as hospitals and universities, require more detailed questions tailored to the specifics of their fields if transparency and openness are to have real value.” The full text of the letter to Treasury and the press release from Chairman Baucus and Grassley can be found here. |
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