Tax Exemption Legislation Could Be Good News for Political Donors

The Republican lead Congress recently passed some new legislation – without garnering much attention at all – that could be a big boon for major donors of political organizations and groups. The bill could protect big donors from having to pay gift taxes on their large donations to these political groups.
The bill, which is headed to the senate, could make way for even more donations in coming years from nonprofit groups that are registered as 501(c) groups, especially in 2016, the country’s next presidential year. Right now, it appears that these big donors rarely pay taxes on their large donations, but as it currently stands the law does not offer specific protection from being assessed with gift taxes. That fact makes some donors a little nervous that the IRS could come knocking.
However, the new piece of legislation that Congress just recently passed would make it clear that gift taxes would not apply to groups that are registered under the Tax Code sections 501(c)4, (c)5 or (c)6. That means most of the big donor organizations that are registered under these sections would be immune from paying gift taxes.
This would obviously be good news for the many ultra-wealthy individuals who are deeply involved in politics and political movements. By having assurances that their donations would never be subject to the gift tax, the amount of money they can donate could increase even more.
Beyond Baseball | Vida Blue
About Vida Blue Six time All Star, 3 time world series champion, MVP and Cy Young Award winner Vida Blue is quite a Baseball legend. Listen to his first hand experiences of what it’s like to play professional baseball and what’s the legend doing today? Interview Transcript: Alan Welcome back. I’m here today…
Disrupting The Aerospace Defense Industry with Additive Manufacturing | Kenneth Epstein
About Kenneth Epstein Ken is a principal with NewCap Partners & brings 20+years of investment banking & venture management experience, including P&L responsibility for both major business units and startups. His diverse client base includes private & family-owned businesses, strategic equity investors, large corporate venture funds, & material, high-tech & life science firms. Ken’s transaction…
The Science of Change Management | Gary Boomer
About Gary Boomer L. Gary Boomer is the Visionary & Strategist of Boomer Consulting, Inc., an organization that provides consulting services and peer communities to leading accounting firms. BCI’s vision is to make you more successful and future ready. The areas of focus are: Planning, People and Processes with technology as the accelerator. Gary is…
Predicting Success | Mike Kwantinetz
About Mike Kwatinetz Mike Kwatinetz is a founding General Partner with Azure Capital Partners where he specializes in software and related infrastructure technologies. His current board memberships are Chairish, Education.com, Julep, JumpStart, Le Tote, Medsphere, Open Road and Silkroad and he led Azure’s investment in FilterEasy, Maker Media, Coffee Meets Bagel, Sprinklr and Tripping. He…