MNN Testifies Before State Committee on the Impact of Tax Reform on Nonprofits

Today, MNN CEO Jim Klocke testified in front of the Joint Committee on Revenue at an invitation-only informational hearing on the recently passed federal tax reform law, the Tax Cuts and Jobs Act. In the testimony, Klocke discussed the pieces of the federal tax bill which will be harmful to the Massachusetts nonprofit sector, highlighting that the federal tax bill will make it harder for all nonprofits to operate – small, medium, and large alike.

“The federal tax bill will reduce charitable giving, impose new taxes on the sector, and will negatively impact the Commonwealth’s nonprofit community and the people and causes they serve,” said Klocke.

Klocke’s testimony also outlined the future opportunities for state government and the nonprofit sector to work together to mitigate the impact of the federal tax bill on “communities and the people that rely on the programs and services provided by our government and nonprofit sectors.”