Text: S.501 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in Senate (02/14/2019)

 
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 501 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                 S. 501

 To amend the Internal Revenue Code of 1986 to repeal the increase in 
 unrelated business taxable income by amount of certain fringe benefit 
                               expenses.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 14, 2019

   Mr. Brown 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 increase in 
 unrelated business taxable income by amount of certain fringe benefit 
                               expenses.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Stop the Tax Hike on Charities and 
Places of Worship Act''.

SEC. 2. REPEAL OF INCREASE OF UNRELATED BUSINESS TAXABLE INCOME BY 
              AMOUNT OF CERTAIN FRINGE BENEFITS.

    (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 section 13703 of Public Law 115-97.

SEC. 3. INCREASE IN TAX IMPOSED ON CORPORATIONS.

    (a) In General.--Section 11(b) of the Internal Revenue Code of 1986 
is amended by striking ``21 percent'' and inserting ``22 percent''.
    (b) Effective Date.--The amendment made by this section shall apply 
with respect to taxable years beginning after the date of the enactment 
of this Act.
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