summary
Introduced
05/02/2019
05/02/2019
In Committee
05/02/2019
05/02/2019
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 certain rules related to the determination of unrelated business taxable income. This bill modifies the requirements for determining the unrelated business taxable income of tax-exempt organizations. The bill repeals provisions that (1) require organizations with more than one unrelated trade or business to compute unrelated business taxable income separately for each trade or business; and (2) increase unrelated business taxable income by the amount of expenses paid or incurred by an 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 Preserve Charities and Houses of Worship Act, amends the Internal Revenue Code to repeal certain rules related to the determination of unrelated business taxable income (UBTI) for tax-exempt organizations. Specifically, it repeals the requirements that (1) organizations with more than one unrelated trade or business must compute UBTI separately for each trade or business, and (2) UBTI be increased by the amount of expenses paid or incurred for certain fringe benefits like transportation, parking, or on-premises athletic facilities for which a tax deduction is not allowed. The bill aims to simplify the UBTI calculation and reduce the tax burden on tax-exempt organizations like charities and houses of worship.
Committee Categories
Budget and Finance
Sponsors (6)
Ted Cruz (R)*,
Kevin Cramer (R),
Joni Ernst (R),
Mike Lee (R),
Martha McSally (R),
Jeanne Shaheen (D),
Last Action
Read twice and referred to the Committee on Finance. (on 05/02/2019)
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/1282/all-info |
| BillText | https://www.congress.gov/116/bills/s1282/BILLS-116s1282is.pdf |
| Bill | https://www.congress.gov/116/bills/s1282/BILLS-116s1282is.pdf.pdf |
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