Major Breakthrough For None-Profits In Israel

A preliminary reading was held today(Wednesday) in the Knesset, of a bill suggested by MK Yigal Goatos, which will save hundreds of thousands of NIS to none-profit organizations. In a vote of 53-0 the bill was unanimously approved and is now moving forward to its second and third readings.

If the bill successfully passes its second and third readings, thereby becoming law, it will save hundreds of thousands of NIS to chareidi institutions which are registered as none-profits.

The bill also includes non-profit organization such as hostels for special persons, hesder yeshivas and aguda leman hachayal amongst others.

Although non-profits are already exempt from paying certain taxes, the new bill calls for even more; unprecedented tax-cuts that will exempt them from paying taxes on income earned through rentals.

It has been reported, that the bill that passed its first reading today, has already been approved by the Ministerial Committee for Legislative Affairs.

If passed, the law will cost the state treasury tens of millions of NIS. some estimates put it at 30-40 million annually. It’s still unclear if the department of treasury will petition for changes to made to the current bill.

Translated by Eli B.

'בחדרי' גם ברשתות החברתיות - הצטרפו!