On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced H.R. 1, the “Tax Cuts and Jobs Act” (the “Bill”). At over four hundred pages, the Bill promises substantial changes to the Internal Revenue Code of 1986, as amended (the “Code”). Although the Bill could have significant and long-term impact for most U.S. taxpayers, we highlight below certain key provisions of particular interest in the worlds of philanthropic giving and tax-exempt organizations. We do not address provisions of broad, general applicability (such as the proposed phase-out of the estate tax, the proposed increase in the standard deduction, and the proposed elimination of the so-called “Pease limitation” on itemized deductions), even though such changes in the law obviously could have an impact on charitable giving.