JCT Explanation of OBBBA

The Joint Committee on Taxation has published its General Explanation Of The Tax Provisions of Public Law 119-21 (commonly known as the One Big Beautiful Bill Act or OB3). Of particular interest for tax-exempt nonprofit organizations will be the explanations of the new contributions to scholarship granting organizations tax credit (Internal Revenue Code 25F) and of the amendments to the endowment investment income and excess compensation excise taxes (IRC sections 4968 and 4960), all found in Chapter 4, Subchapter B of OB3, and the amendments to the charitable contribution deduction (IRC section 170) found in Chapter 4, Subchapter C of OB3. I did not notice anything too surprising the explanations for these provisions, although one entry I did note is that the Explanation states the $1,700 limit on the contributions to scholarship granting organizations tax credit applies in the same amount to both single and joint filers.