Less than two months after Congress and President Obama showed charities a little love by leaving the charitable tax deduction untouched in their budget compromise, the House Ways and Means Committee has scheduled a Valentine’s Day hearing that will examine the tax break yet again.
The deduction will be one of many issues considered at a session the committee is holding as it assesses what issues to consider in a broad overhaul of the tax system. Rep. Dave Camp, the Michigan Republican who chairs the committee, said the hearing will also “receive testimony from witnesses on previous proposals to modify the deduction and its value.”
In explaining the attention he would give to the deduction, he added: “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.”
Dig deeper: See The Chronicle’s coverage of the charity tax break.