Tax reform leaves private foundations in a strong position
While the Tax Cuts and Jobs Act made some changes to the charitable giving provisions in the Tax Code, the climate for giving to private foundations is as strong or stronger than it has ever been, according to Jeffrey Haskell at Foundation Source.
“Moreover, some corporations are seeing the lowering of the corporate tax rate as a possible opportunity to give back more to their community,” Haskell said. “There are lush years and lean years, and charities expect to receive more support from corporations in lush years. The lowering of the corporate tax rate will make for more lush years, and generate a more favorable climate for charitable giving by corporations.”