Reversal of UBIT on Disallowed Expenses?
December 19, 2019
By Michael Clifford
On Tuesday, December 17, 2019, the House of Representatives, as part of the 2020 spending bill, voted to include a reversal of the unrelated business income tax on the disallowed fringe benefit expenses related to transportation benefits that was part of the Tax Cuts and Jobs Act of 2017, including parking and transit pass programs. The House has moved the spending bill to the Senate for approval by Friday, December 20, 2019, at which time it would then be sent to President Trump for signature into law. We will continue to monitor the situation and keep you updated as new details become available.