More than 2,000 nonprofits, businesses, associations, and other organizations signed a letter last month asking Congress to approve expired and expiring tax provisions known as “tax extenders,” the Chronicle of Philanthropy reports. Independent Sector, Feeding America, and the Land Trust Alliance, among others, urged Congress “to act immediately on a seamless, multiyear or permanent extension” of the tax-related provisions. “Tax breaks designed to encourage food donations to food banks, land donation for conservation, and charitable gifts from individual retirement accounts are part of the more than 50 temporary tax provisions that expire annually,” the newspaper reports. “Another provision would simplify the excise tax on private foundations to 1 percent on net investment income.” Failing to renew the tax provisions would lead to a tax increase and “inject instability and uncertainty into the economy and weaken confidence in the employment marketplace,” according to the letter.
Tennis star and charter school booster Andre Agassi has started a new private-equity real-estate fund that wants to generate $400 million from high net worth investors to underwrite dozens of new charter schools across the nation, the Wall Street Journal reports. This is the second charter school financing plan that Agassi has created with Bobby Turner, who created the social-impact investment firm Turner Impact Capital. The first plan, which was rolled out four years ago, has helped develop 50 schools in Philadelphia, Detroit, and elsewhere. The new fund has already raised upwards of $150 million in commitments, the newspaper reports.