House passes bill w/ CUNA-backed UBIT repeal

first_imgThe House passed the Retirement, Savings, and Other Tax Relief Act (H.R. 88) Thursday, a bill that makes a CUNA-backed change to Unrelated Business Income Tax (UBIT). H.R. 88 contains a provision that would eliminate the new UBIT on not-for-profit transportation and athletic facilities fringe benefits.The Tax Cuts and Jobs Act requires tax-exempt organizations currently subject to UBIT (which includes state-chartered credit unions) to pay a 21% tax on certain employee fringe benefits, such as transportation and parking benefits.The Treasury recently released interim guidance on how to comply with the parking portion of this TCJA provision, following a CUNA call for additional guidance. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more