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Taxation & Finance

AAU, on Monday joined NACUBO, and other organizations to submit comments to the IRS in response to its April 24 notice of proposed rulemaking related to the implementation of a new “basketing” rule added by the Tax Cuts and Jobs Act.
AAU has crafted a document for our members to use and share broadly that includes our recommendations for the upcoming “Phase Four” COVID-19 relief and stimulus legislation.
AAU has developed a document focusing on our Higher Education and Tax recommendations for the upcoming “Phase Four” COVID-19 relief and stimulus legislation
AAU joined ACE and 14 other higher education organizations on a letter to Rep. Lloyd Doggett (D-TX) to endorse the “American Opportunity Student Tax Relief Act,” bipartisan legislation recently introduced by Reps. Doggett and Brian Fitzpatrick (R-PA).
AAU, ACE, and 34 other higher education organizations sent a letter to House Financial Services Committee and Senate Banking, Housing, and Urban Development Committee leaders asking them to recommend changes to the mid-sized loan programs included in the CARES Act – specifically, the Main Street Lending programs.
AAU joined ACE and 44 other organizations to submit comments to the Federal Reserve about the Main Street Lending Program, a new loan program created by the CARES Act.
AAU joined NACUBO and six other associations on a letter to the Treasury Department to ensure that emergency grant aid for students included in the CARES Act is not treated as taxable income or traditional educational grant aid.
CFR members are encouraged to contact their House delegations to ask them to sign on to AAU-endorsed legislation circulated by Reps. Bradley S. Schneider (D-IL), John Kato (R-NY), TJ Cox (D-CA), Peter T. King (R-NY), and Diana Degette (D-CO).
AAU on Monday joined ACE and sixteen other higher education organizations on a letter to Sen. James Lankford (R-OK) in support of his amendment to the CARES Act that would create an above-the-line deduction for charitable giving for taxpayers not itemizing their deductions.
AAU joined the National Association of College and University Business Officers and five other organizations on a letter to Treasury Secretary Steve Mnuchin and IRS Commissioner Charles Rettig requesting they include exempt organizations, such as colleges and universities, in a notice that outlines a 90-day tax filing exemption for corporations and individuals.