Congressional Results: 3-Minute Briefing on 3 Key Policy Impacts

As you are monitoring the election results, here is an update on what the U.S. Senate and House may have in store for three key policy issues.

Universal Charitable Deduction

Momentum continues to include universal charitable legislation in next year’s mega tax package. This tax package will include over $4 trillion of tax provisions, which were part of the 2017 Tax Cuts & Jobs Act, due to expire on December 31, 2025. The universal charitable bill of Senators James Lankford (R-OK) and Chris Coons (D-DE) has accumulated support from 24% of the Senate, 24 of 100 Senators. Three of those cosponsors will not return in the new Congress: Debbie Stabenow (D-MI) is retiring, Sherrod Brown (D-OH) and Bob Casey (D-PA) lost their reelection. One newly elected Senator, Lisa Blunt Rochester (D-DE), cosponsored the identical House version of the legislation and has said she will cosponsor as a Senator.

Artificial Intelligence Regulation

The bipartisan legislation of Senators John Thune (R-SD) and Amy Klobuchar (D-MN) will likely gain traction in the new Congress. This legislation was reported out of the Senate Commerce Committee this summer and is expected to be a priority in the new Congress. With Senator Thune as the newly elected Senate Majority Leader, it could move early next year. 

The House

National Data Privacy

When all the races are finally called, the House will continue under Republican control. Continued Republican control of the House will increase the likelihood of passing comprehensive, bipartisan national privacy legislation.

Universal Charitable Deduction

Like the Senate, there is strong bipartisan support for Universal Charitable Deduction legislation, with 65 House members having signed on to the identical House version of the bill. Five of the 65 will be retiring from the House; one of them, Lisa Blunt Rochester (D-DE), was elected to the Senate and, as noted, has said she will cosponsor as a Senator. The four lead sponsors, Representatives Blake Moore (R-UT), Danny Davis (D-IL), Michelle Steel (R-CA), and Chris Pappas (D-NH), are all strongly committed to having the legislation attached to the massive tax bill to be taken up next year.

Artificial Intelligence Regulation 

Bipartisan artificial intelligence (AI) regulatory legislation has not gained traction in the House. However, with AI technology advancing at warp speed, the House will likely follow suit if the Senate moves on AI legislation. 

Should you have any questions, please get in touch with TNPA’s Vice President of Government Affairs, Mark Micali, at mmicali@tnpa.org.