Language:

Blogging Beyond the Numbers

Repeal of Unrelated Business Income Tax on Parking and Transit Benefits
Posted by: Yigit Uctum 3 months ago

The Tax Cuts and Jobs Act of 2017 included a provision that had a significant impact on certain tax-exempt organizations that provided qualified transportation fringe benefits. It required these organizations to pay an “unrelated business income tax” (UBIT) on the cost of the transportation benefits provided after December 31, 2017.

The President signed into law legislation that includes a repeal of UBIT on parking and transit benefits for tax-exempt organizations. The repeal applies retroactively and will allow the organizations to amend previous returns to claim a refund of taxes already paid.

Want more like this?

Subscribe to get our latest resources and events just for non-profits in your inbox.

Subscribe

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *