Two appropriations bills that would fund the government for the 2020 fiscal year are pending consideration in the U.S. Senate.
One measure would modify the rules for determining tax-exempt status of certain mutual or cooperative telephone or electric companies. The legislation includes a provision that would allow mutual or cooperative telephone or electric companies to not take into account as income certain government grants when applying the requirement under section 501(c)(12) that 85% or more of income consists of amounts collected from members.
The U.S. House of Representatives on December 17, 2019, approved the bills. Read TaxNewsFlash for more information about the bills.
For more information, contact KPMG’s National Director of Cooperative Tax Services:
David Antoni | +1 (267) 256-1627 | email@example.com
Or Associate National Director of KPMG’s Cooperative Tax Services:
Brett Huston | +1 (916) 554-1654 | firstname.lastname@example.org
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