On November 2, 2017, the House Republican leadership announced a tax reform proposal that would directly impact the not-for-profit sector. If enacted in its present form, the proposal, effective for bonds issued after December 31, 2017, would: (i) terminate the issuance of private activity bonds, including all 501(c)(3) bonds, (ii) repeal the authority to issue tax-exempt advance refunding bonds and (iii) repeal the authority to issue new tax credit bonds. If these provisions become law, they will have a significant effect on the financing options available to nonprofits, including, without exception, health care nonprofits. The proposal is now in the legislative process, including markups, counter proposals and consideration of reactions from the American voters. Dentons will continue to monitor this space with care and keep our clients and friends closely apprised of the proposal's status.