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House Ways and Means hearing, fringe benefit UBTI

Fringe benefit UBTI issues

The Oversight Subcommittee of the U.S. House Ways and Means Committee has scheduled for June 19, 2019, a hearing relating to section 512(a)(7)—the provision that generally requires a tax-exempt organization to increase its unrelated business taxable income (UBTI) for providing certain transportation-related fringe benefits to its employees.

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UPDATE: The hearing was cancelled on June 17, 2019, due to a "scheduling conflict."

Read the subcommittee’s hearing release (that includes instructions for submitting written comments).

In advance of the subcommittee’s hearing, the Joint Committee on Taxation (JCT) released a document providing an overview of the fringe benefit UBTI provision and also summarizing guidance that has been issued to date and federal and state legislative responses. Read the JCT release: JCX-25-19 

 

For more information, contact a tax professional with KPMG’s Washington National Tax practice:

Ruth Madrigal | +1 202 533 8817 | ruthmadrigal@kpmg.com

Preston Quesenberry | +1 202 533 3985 | pquesenberry@kpmg.com 

Randall Thomas | +1 202 533 3786 | randallthomas@kpmg.com

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