April 2024 Public Policy Update

April 2024 Public Policy Update

Publication date: 
April, 2024

Hill Update: Lawmakers Return to Packed Agenda

Congress returned to Washington this week after a two-week Easter recess, and lawmakers are facing a busy work period. As of writing, the House-passed tax package that boosts the Child Tax Credit (CTC), a housing tax credit, and ends the Employee Retention Tax Credit program remains stalled in the Senate. Senate Finance Committee Chair Ron Wyden (D-OR) recently signaled a willingness to amend the bill based on concerns from key GOP taxwriters over its CTC and revenue provisions, but it’s unclear whether Wyden will be able to secure enough Republican backing for the legislation to pass the Senate without alienating the bill’s Democratic supporters. Majority Leader Chuck Schumer (D-NY) could bring the package up for a floor vote, but many other priorities are competing for Congress’s bandwidth, including the impeachment of Homeland Security Secretary Alejandro Mayorkas, foreign aid funding, national security legislation, and emergency funding in the wake of the collapse of Baltimore’s Francis Scott Key Bridge. 

DAF Regulations Update

Stakeholders in DC continue to respond to proposed regulations published by the Treasury Department last November that would significantly impact giving through donor-advised funds (DAFs). As you may recall, the proposed regulations garnered over 150 comments, with most raising concerns they would chill charitable giving through DAFs, and we expect similar concerns will be highlighted during the IRS’s May 6 public hearing on the proposed regulations. You can find information on how to attend the hearing in person or via telephone here

Additionally, there is an effort underway among House Ways and Means members to send a bipartisan letter that elevates concerns around the proposed DAF regulations to Treasury. The letter summarizes the main issues that the proposed regulations present and asks regulators to consider the end-use charities when crafting final regulations. 

Finally, DAF advocates have worked with lawmakers to strategically place questions for the record (QFRs) to be asked of Treasury Secretary Janet Yellen and IRS Commissioner Danny Werfel following recent hearings. These inquiries are to be answered in writing, and while it may take some time before they are answered, they are a tool to warn officials that there is growing concern.

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