For donors who have been on the fence, the news offers encouragement to take action as soon as possible—especially with key year-end dates fast approaching.

While uncertainty remains around the fate of BBBA (or related legislation) in 2022, we advise donors to focus on what they do know—the societal benefits and tax benefits of charitable giving in the present moment, a time of great need. To see the tax savings your charitable contributions could bring you, try our Tax Savings Calculator.
 

The latest version of BBBA, passed by the House of Representatives on November 19, 2021, had already removed some earlier provisions that may have affected charitable giving. Increases in the capital gains tax rate and in the highest marginal income tax rate were ultimately left out of the House bill, as were changes to the estate tax and an elimination of the step-up in basis. Still, leaders in Congress are likely to revisit and adjust provisions in the legislation in hopes of jump-starting talks again. The bill's fate will remain in flux into 2022, paving the way for donors to act decisively in the final days of 2021.

As the calendar moves to 2022, we will continue to closely watch the developments around BBBA and any connected legislation, and we are committed to communicating with our donors along the way. If a bill becomes law next year, we will share with you how its provisions might affect charitable giving. As always, we encourage you to consult with your tax advisor on how specific legislation could impact your individual situation.