Federal House Budget Committee Republicans “Reconciliation Menu”
January 27, 2025
This week the House Budget Committee Republicans released a 50-page “reconciliation menu” of spending cuts to pay for the upcoming reconciliation bill and identified certain 2017 tax cuts to be extended or broadened under the bill.
Nonprofit-specific provisions include, among others:
- targeting education endowments,
- removing hospital tax-exempt status,
- eliminating the Employee Retention Tax Credit,
- changing Public Service Loan Forgiveness Program eligibility, and
- reforming federal benefits.
Proposals would also apply work requirements to Supplemental Nutrition Assistance Program (SNAP, commonly referred to as food stamps) and Temporary Assistance for Needy Families (TANF) benefits. The proposals would reduce the corporate tax rate from 21% to 20% or 15% at estimated costs between $73B to $522B.