Here We Go Again: Proposed Tax Reform

Recently, two members of the Senate Finance Committee introduced a bill entitled “Charities Helping Americans Regularly Throughout the Year (CHARITY) Act of 2017” (the “Bill”). Similar to prior bills introduced in the Senate, the stated goal of the Bill is to encourage charitable giving and to establish provisions for simplifying tax rules for private foundations and other tax-exempt organizations without diminishing the charitable deduction.  Some interesting provisions affecting private foundations are contained in this Bill.