Senate passed the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (commonly referred to as the Disaster Act,) on Thursday, December 19th.
The Disaster Act:
- Repeals the requirement of “unrelated business taxation income (UBTI) of tax exempt organizations to be increased by expenses related to qualified transportation fringe benefits,” commonly known as the “parking tax.”
- The repeal applies to amounts paid or incurred after December 31, 2017.
It is important to note the president has not signed the legislation into law and few specifics are available at this time.
We are monitoring the status and as details become available, we will send updated communication. If you need to be added to our Nonprofit mailing list please click here. In the interim, please contact me, or any HW&Co. tax advisor with any questions.