summary
Introduced
02/28/2019
02/28/2019
In Committee
02/28/2019
02/28/2019
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 inclusion of certain fringe benefit expenses for which a deduction is disallowed in unrelated business taxable income. 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.
AI Summary
This bill, the Lessen Impediments From Taxes for Charities Act (LIFT for Charities Act), amends the Internal Revenue Code to repeal the requirement that tax-exempt organizations include certain disallowed fringe benefit expenses, such as those related to transportation, parking, or on-premises athletic facilities, when calculating their unrelated business taxable income. This change aims to reduce the tax burden on charitable organizations and allow them to allocate more resources towards their charitable purposes.
Committee Categories
Budget and Finance
Sponsors (13)
James Lankford (R)*,
Marsha Blackburn (R),
Roy Blunt (R),
Susan Collins (R),
Chris Coons (D),
Steve Daines (R),
Joni Ernst (R),
Josh Hawley (R),
John Hoeven (R),
Doug Jones (D),
Angus King (I),
Mike Lee (R),
Martha McSally (R),
Last Action
Read twice and referred to the Committee on Finance. (on 02/28/2019)
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/632/all-info |
| BillText | https://www.congress.gov/116/bills/s632/BILLS-116s632is.pdf |
| Bill | https://www.congress.gov/116/bills/s632/BILLS-116s632is.pdf.pdf |
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