Tax Alert: Nonprofits Are No Longer Subject to Tax on Value of Transportation and Parking Benefits
- January 3, 2020
- Posted by: Hood & Strong
- Category: Tax Alert
Tax Alert Update: Nonprofits Are No Longer Subject to Tax on Value of Transportation and Parking Benefits
Late on December 20, 2019, President Trump signed the year-end spending bill that included the repeal of tax on the value of transportation and parking benefits also known as the “church parking tax.” The provision will apply retroactively.
This is a follow up to the following Tax Alert:
Repeal of Income Tax on the Value of Transportation and Parking Benefits is Expected to be Signed into Law
On December 17, 2019, the House of Representatives passed a bipartisan tax package, which included the repeal of the unrelated business income tax (UBIT) on transportation benefits. The Senate passed the package two days later and moved it to the President’s desk. The President is expected to sign the tax package.