summary
Introduced
02/14/2019
02/14/2019
In Committee
02/14/2019
02/14/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to repeal the increase in unrelated business taxable income by amount of certain fringe benefit expenses. This bill modifies the requirements for determining the unrelated business taxable income of tax-exempt organizations. The bill repeals a provision that requires unrelated business taxable income to be increased by the amount of expenses paid or incurred by a tax-exempt organization for certain fringe benefits for which a tax deduction is not allowed, including benefits relating to transportation, parking, or an on-premises athletic facility. The bill also increases the corporate income tax rate from 21% to 22%.
AI Summary
This bill, the Stop the Tax Hike on Charities and Places of Worship Act, amends the Internal Revenue Code to repeal the requirement that tax-exempt organizations include certain fringe benefit expenses, such as those related to transportation, parking, or on-premises athletic facilities, in their unrelated business taxable income. Additionally, the bill increases the corporate income tax rate from 21% to 22%.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Read twice and referred to the Committee on Finance. (on 02/14/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/501/all-info |
| BillText | https://www.congress.gov/116/bills/s501/BILLS-116s501is.pdf |
| Bill | https://www.congress.gov/116/bills/s501/BILLS-116s501is.pdf.pdf |
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