Impact of Proposed IRS Rule
We are disappointed to report that the IRS proposed rule released yesterday would impact our scholarship programs in Kansas and Louisiana in its current form. While we believe the IRS erred in not separating bona fide private charities like ACE from government-run workaround funds in this rule. Disadvantaged students should not suffer as a result of adult debates over existing tax law.
Also, please note that the regulatory process is only just beginning, and this proposed rule is subject to change in the coming months. The IRS will now allow 45 days for public comment on the rule and hold a public hearing on November 5, 2018. The rule will then enter another round of review by the appropriate agencies. If the Department of the Treasury and the IRS decide to proceed with the rule after receiving and reviewing feedback, it will be published in the Federal Register and become retroactively binding as of August 28.
ACE Scholarships intends to submit a written statement to the IRS opposing the rule in its current form. We are happy to assist you in drafting or submitting comments of your own if you are interested in doing so.
For questions, please contact Ross Izard at email@example.com