Tuesday, June 13, 2017
Massachusetts Representative David Nangle recently gave more details on his proposal to levy taxes on nonprofits. The Bill would require nonprofits to pay their share of property taxes if the combined compensation for their top-five highest paid employees exceeds $2.5 million.
Nangle claims that his Bill could reach hundreds of nonprofits in the state, with hospitals and universities having the largest impact. However, places of worship and religious organizations would remain exempt. Additionally, individual cities and towns can elect to follow the new Bill or not.
Nangle’s rationale behind the Bill is simple, “If they’re getting paid like Fortune 500 companies, they should be taxed like Fortune 500 companies.”
David A. Brennen