LIFT for Charities Act

Bill: 116-s-632
Sponsor: full_name: Sen. Lankford, James [R-OK]
Introduced: 2019-02-28
Policy area: Taxation
Subjects: Business expenses

Income tax rates

Sports and recreation facilities

Tax-exempt organizations

Transportation costs
Latest action: action_date: 2019-02-28
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-02-28
action_desc: Introduced in Senate
text: <p><b>Lessen Impediments From Taxes for Charities Act or the LIFT for Charities Act </b></p> <p>This bill modifies the requirements for determining the unrelated business taxable income of tax-exempt organizations. The bill repeals a provision that requires unrelated business taxable income to be increased by the amount of expenses paid or incurred by a tax-exempt 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.</p>

tv_txt: II 116th CONGRESS 1st Session S. 632 IN THE SENATE OF THE UNITED STATES February 28, 2019 Mr. Lankford (for himself and Mr. Coons ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to repeal the inclusion of certain fringe benefit expenses for which a deduction is disallowed in unrelated business taxable income.

1. Short title This Act may be cited as the Lessen Impediments From Taxes for Charities Act or the LIFT for Charities Act . 2. Repeal of inclusion of certain fringe benefit expenses in unrelated business taxable income (a) In general Section 512(a) of the Internal Revenue Code of 1986 is amended by striking paragraph (7). (b) Effective date The amendment made by this section shall take effect as if included in the amendments made by section 13703 of Public Law 115–97 .