Video game creators are happy, but universities administrators—not so much.

A proposed overhaul of the U.S. tax system by Republican leaders is receiving cheers and jeers from business and professional groups, with reactions largely depending on whether the effort would do away with existing tax breaks benefiting their members.

The National Association of Home Builders and National Federation of Independent Business were among the first business groups to reject the current GOP proposal. The U.S. Chamber of Commerce has been among its most ardent supporters, although the group acknowledged in a statement that "more work needs to be done." Other groups have released opinions after they have had a chance to analyze the legislation.

"Today's tax reform proposal will energize tech sector innovation and economic opportunity," said Michael Gallagher, CEO of the Entertainment Software Association, which represents the video game industry. He added the overhaul's "pro-growth policies introduced will incentivize greater US investment and more high-quality American jobs."

Not everyone in the tech industry was as enthusiastic as Gallagher. Dean Garfield, CEO of the Information Technology Industry Council, released a more guarded statement saying his group supports changes in the tax structure but needs to scrutinize the legislation.

"If done right, tax reform will place American companies on a level-playing field, increase competition globally and create more jobs for Americans," Garfield said. "These are the standards we will use to evaluate the entire legislative package."

American Hospital Association Executive Vice President Tom Nickels raised concerns about the GOP's proposal to eliminate private equity bonds and other tax-exempt financing that local governments use to raise money for infrastructure projects. He also raised concerns about a recommended 20 percent excise tax on compensation for nonprofit executives making more than $1 million.

At the same time, Nickels said AHA was pleased to see the plan maintains current policy on charitable contributions that are critical to funding patient services.

"As Congress engages in the important work of reforming the nation's tax code, we urge them to retain tax code incentives and fair treatment for hospitals that continue to work to provide access to health care in communities all across the country," he said.

The National Council of Nonprofits is sounding an alarm on the plan's proposal to double the standard deduction. The end result could be a loss of $13 billion annually to nonprofit groups, as the move would eliminate the incentive for people to give to charity so they could claim the tax benefit, the group said.

U.S. universities have so far been among the most vocal critics of the legislation. Republican leaders are proposing eliminating tax credits to help individuals pay off student loans and help businesses provide tuition-reimbursement programs to employees. The legislation also would create an excise tax on college endowments.

"This bill will have dire consequences for Americans who rely on research universities for undergraduate and graduate education, and to conduct cutting-edge research that results in life-saving medicines, and innovative technologies that bolster our national defense and economic competitiveness," the Association of American Universities said in a statement.

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