Capitol Correspondence - 01.06.20

Congressional Budget Bill Signed into Law – Includes Full Repeal of Fringe Benefits Tax

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Changes to the unrelated business income tax (UBIT) caused by the 2017 tax reform law had been a significant cause for concern for ANCOR members because they detracted scarce funding away from their workforce and mission. As such we are thrilled to share this announcement by ASAE’s UBIT Coalition, of which ANCOR is a member:

“Last Friday, President Trump signed into law legislation that includes repeal of the unrelated business income tax (UBIT) on nonprofit parking and transit benefits. 

Thank you to the UBIT Coalition and the countless advocates who wrote letters and visited congressional offices to support this repeal, as well as the legislators on both sides of the aisle who understood the compliance challenges and administrative burdens that the employee fringe benefits tax created for nonprofit groups.”