S.501 - Stop the Tax Hike on Charities and Places of Worship Act116th Congress (2019-2020) |
|Sponsor:||Sen. Brown, Sherrod [D-OH] (Introduced 02/14/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/14/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.501 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (02/14/2019)
Stop the Tax Hike on Charities and Places of Worship Act
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.
The bill also increases the corporate income tax rate from 21% to 22%.