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Sens. Coons, Lankford pen letter urging delay of new tax liabilities on nonprofits

December 04, 2018 3:50 PM | Christina Marconi (Administrator)

On Tuesday, Senators Chris Coons (D-DE) and Jim Lankford (R-OK) sent a letter to Treasury Secretary Steven Mnuchin requesting a delay in implementation of the new unrelated business income tax (UBIT) provisions that took effect on Jan. 1, 2018, after the passage of last year's tax code overhaul. These new provisions require that 1) tax-exempt organizations with more than one unrelated trade or business activity treat each activity separately for the purposes of calculating unrelated business income, and 2) tax-exempt organizations pay UBIT on the value of certain fringe benefits provided to employees—such as transportation benefits and on-premises gyms. The letter asks Treasury to delay the implementation of the UBIT provision for a full year after the final regulations are issued by Treasury.

Read the full letter here a
nd Sen. Coons' press release here. 

 

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