On May 9, aerospace company Boeing announced details for $54 million in “grants and philanthropic sponsorships to nonprofits in the U.S. and around the globe” as part of the “company’s pledge to invest in local communities following the enactment” of tax reform legislation (which passed Congress and was signed into law by President Trump late last year). The company’s investments include “new or accelerated partnerships with organizations that improve STEM education, enhance transition and health services for veterans and their families, and enrich local communities.”
“This investment is yet another example of how Boeing is putting tax reform to work,” said Boeing chairman, President, and CEO Dennis Muilenburg, “Already, we have expanded our ‘Dollars for Doers’ matching program to reward employees who give their time and resources in support of causes important to them. With these additional charitable and philanthropic contributions, we are on track to surpass $200 million in total community giving in 2018.”
But Boeing is not the only organization using the benefits of tax reform to reinvest in communities and support philanthropic efforts. Below are just a few examples of companies leveraging tax reform to increase their charitable giving:
- In December, Winston-Salem, North Carolina-based BB&T announced that, “in light of the new corporate tax rate deductions, BB&T’s Executive Management team has made the decision to share some of the related benefits,” including a donation of “$100 million to BB&T’s philanthropic fund to support charitable organizations in our communities.”
- The Associated Press reported in February that Durham, North Carolina-based Blue Cross and Blue Shield of North Carolina would use “its windfall from the new federal tax cut” to “give charities $40 million.”
- In January, Louisville, Kentucky-based Brown-Forman Corporation announced it would create a charitable foundation with a $60 million to $70 million contribution as part of a series of “capital deployment actions” that, according to the company’s CEO, “underscore the strength of the company’s balance sheet and health of our business, and are augmented by the anticipated benefits due to tax reform.”
- According to the Milwaukee Journal Sentinel, in February, Madison, Wisconsin-based CUNA Mutual Group announced it “is making its largest contribution ever to its philanthropic foundation, a $20 million donation made possible in part by federal tax reform.”
Passage of the Tax Cuts and Jobs Act (TCJA) has been good on so many levels—for the economy, for working families, for small businesses. And for the charities that support our communities.