| After months of debate and negotiations, the Senate is expected to vote today to approve the “One Big Beautiful Bill Act,” a major tax package that directly impacts the nonprofit sector and its ability to serve communities nationwide. For more details, see NCN’s full analysis of the bill and updated chart of tax provisions.
While the final bill includes both helpful and harmful provisions and is a marked improvement over earlier versions, it will ultimately reduce resources available to nonprofit organizations, negatively impacting their ability to provide essential services to their local communities. The bill creates a new universal charitable deduction that is estimated to generate approximately $74 billion over 10 years for nonprofit organizations. The bill also includes several provisions that disincentivize charitable giving by individuals and corporations, which are estimated to reduce resources for nonprofit organizations and their communities by at least $81 billion over 10 years. The bill also harms millions of people by taking away their access to healthcare and food assistance.
Because the Senate revised the bill, it will need to receive another vote in the House of Representatives before it can head to the President’s desk for his signature and enactment. The House is expected to vote on the bill before the July 4th holiday.
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