Capitol Correspondence - 10.21.19

Don’t Miss: ASAE Resources on UBIT, Excise Tax

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The unrelated business income tax (UBIT) has been a priority issue for ANCOR for the better part of 2019, as it has the potential to significantly increase ANCOR members’ tax liability. Changes in UBIT were also among the key reasons we opposed tax reform legislation in 2017. This ASAE article does well to explain new resources available as you seek to understand the impact of UBIT on your agency.

As written by ASAE:

“Since the 2017 tax reform, two major tax-related issues have dominated ASAE advocacy:

  1. The unrelated business income tax (so-called “UBIT”) on parking and transit benefits employers provide employees; and
  2. The excise tax, under Internal Revenue (IR) Code Section 4960, on certain compensation associations and nonprofits provide senior employees.

To help further inform ASAE members, stakeholder organizations and Congress, ASAE staff authored two issue briefs. Take a look:

  1. UBIT on parking and transit benefits
  2. IR Code Section 4960

ASAE thanks its members and industry partners for their steadfast advocacy regarding these issues.

For more information on UBIT or IRS Code Section 4960, email Jeff Evans, ASAE policy staff, at [email protected].”