New Legislation Aims to Repeal UBIT on Fringe Benefits

On May 2, Senators Ted Cruz (R-TX) and Jeanne Shaheen (D-NH) introduced the bipartisan Preserve Charities and Houses of Worship Act to repeal taxes on nonprofit fringe benefit offerings. This legislation, which accompanies a previously introduced bill in the US House of Representatives, would also rescind the requirement that organizations report their unrelated businesses or… Read more »

Democrats’ Tax Agenda Still Taking Shape

House Democrats will hold hearings this year to lay the groundwork for rolling back some of the more contentious provisions in the Republicans’ 2017 tax law. No Democrats voted for the Tax Cuts and Jobs Act that President Trump signed in December 2017, and Democratic leaders have criticized the bill as disproportionately benefitting large corporations… Read more »

Trump Floats ‘Major’ Tax Cut for Middle Class

President Trump in the past few days has pledged a “major tax cut” for middle class Americans, though Republican lawmakers say they will be hard pressed to pass a plan this year. Trump first floated the tax cut last weekend, saying that his administration is “studying very deeply right now round the clock a major… Read more »

Brady Introduces Tax Reform 2.0 Framework

House Republicans on July 24 unveiled a broad framework for the next phase of tax reform, which would make permanent tax cuts for individuals and small business owners that were enacted in last year’s tax law. Dubbed “Tax Reform 2.0,” the package has three distinct objectives: making the individual tax cuts permanent, promoting retirement savings,… Read more »

Brady to Release ‘Tax Reform 2.0’ Next Week

House Ways and Means Committee Chairman Kevin Brady (R-TX) said July 18 he plans on releasing an outline of his “Tax Reform 2.0” package next week. Brady’s outline is expected to include a number of tax bills that could be passed at the same time this fall, including a measure to make permanent some of… Read more »