The Great Tax Sunset: What Donors Need to Know
Key Insights & Important Giving Implications
Greater Houston Community Foundation is Houston’s philanthropic partner and puts donors at the center of everything we do. Within the next several years, important tax provisions will emerge that may influence how donors and clients navigate their philanthropic endeavors.
The Foundation is here to support professional advisors and their clients in navigating the complexities of these changes. Greater Houston Community Foundation can help create a strategy that creates the most meaningful impact for both the donor and the community.
What is the Tax Cut and Jobs Act 2017 (TCJA)?
The TCJA is a landmark tax reform act that introduced several key changes impacting both individuals and corporations. Among these changes are alterations to deductions, rates, and exemptions, which may affect an individual’s financial outlook. One notable feature of the TCJA is the inclusion of “sunset” provisions, which means that some of the Act’s provisions are set to expire after a certain period.
For professional advisors and their clients, understanding these changes is crucial for informed decision- making. The sunset provision implies that certain tax benefits associated with charitable giving may be subject to change in the future. While we cannot predict with certainty the exact impact this may have, it underscores the importance of considering a proactive and strategic approach to your giving.
Greater Houston Community Foundation does not provide tax advice or services. Please consult your personal advisor with questions regarding your tax planning.
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