Larson, Reichert Introduce Philanthropic Enterprise Act
Washington, D.C. – Reps. John Larson (D-CT) and Dave Reichert (R-WA) recently introduced the Philanthropic Enterprise Act, which would make it easier for private sector companies to contribute to philanthropic causes in their communities, the country, and around the globe.
“This bipartisan bill is an example of how the tax code can support, rather than stand as a barrier to innovative, socially-responsible organizations like Connecticut’s Newman’s Own, who since their inception has proudly operated under the philosophy of 100 percent of their profits going towards charitable foundations and causes,” said Rep. Larson. “I am proud to introduce this bill alongside my friend Rep. Reichert to support businesses across the nation who are dedicated to promoting the social good.”
“Many businesses are motivated to help their communities and tackle some of the greatest issues facing the world today,” said Rep. Reichert. “But our current tax code is making it difficult to do so. The Philanthropic Enterprise Act would reduce these tax barriers and better allow cause-driven enterprises to take on philanthropic roles, strengthening their contributions to society. I am proud to work with my colleague, Rep. Larson, to create an environment where businesses can do well by doing good.”