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Repeal of the unrelated business income tax on transportation and parking benefits

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On December 19, 2019 it was announced that both the United States House of Representatives and the United States Senate have passed a bipartisan tax bill that includes the repeal of the unrelated business income tax (UBIT) on transportation and parking benefits. This is important for the nonprofit sector especially because it was estimated that the tax would have cost nonprofit organizations an average of $12,000 a year, according to research by Independent Sector.

The good news is that a provision that levied a 21% federal tax on parking and transportation benefits provided by nonprofit organizations is one step closer to being permanently repealed. Several organizations have been advocating and lobbying for the repeal of the bill since it was first introduced as a part of The Tax Cuts and Jobs Act of 2017.

The SobelCo Nonprofit & Social Services Practice will continue to monitor the tax bill and alert you if further action is necessary.

Bridget Hartnett
SobelCo
Bridget.Hartnett@SobelCoLLC.com

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