Walker, Suozzi Introduce UBIT Repeal Bill

Reps. Mark Walker (R-NC) and Tom Suozzi (D-NY) introduced a bill March 5 to repeal the unrelated business income tax on certain employee benefits provided by associations and other tax-exempt organizations. The bill is a companion to legislation introduced last week by Sens. James Lankford (R-OK) and Chris Coons (D-DE). The tax on nonprofit fringe… Read more »

Grassley to Introduce Tax Extenders Bill

Senate Finance Committee Chairman Charles Grassley (R-IA) is expected to introduce legislation this week to renew dozens of expired tax breaks known as extenders. The bill is likely to also include tax relief for disaster-stricken areas, according to Bloomberg BNA. Since all tax bills have to originate in the House, Grassley’s tax extenders bill serves… Read more »

Tax Law Brings Golden Parachute Rules to Tax-Exempts

A recent Treasury notice has brought to light that even if an organization’s top five highest paid executives earn less than $1 million, the organization could still be subject to the 21% excise tax on executive compensation as part of the 2017 Tax Cuts and Jobs Act (TCJA). According to Treasury’s Notice 2019-09, if an… Read more »

Lankford to Introduce UBIT Repeal Bill

Sen. James Lankford (R-OK) is expected to introduce legislation today to repeal a provision in the 2017 Tax Cuts and Jobs Act that assesses a 21 percent tax on the value of so-called fringe benefits – such as free parking or mass transit assistance – that nonprofits provide to employees. Sen. Chris Coons (D-DE) is… Read more »

Lawmakers Will Push to Renew Tax Extenders

Lawmakers on both sides of the aisle continue to look for the right legislative vehicle to renew dozens of expired tax breaks known as extenders. Tax extenders include many popular tax breaks that enjoy bipartisan support but have proven difficult to pass as stand-alone legislation due a variety of concerns, not the least of which… Read more »