Skip to content

Repeal of Unrelated Business Income Tax on Parking and Transit Benefits

The Tax Cuts and Jobs Act of 2017 included a provision that had a significant impact on certain tax-exempt organizations that provided qualified transportation fringe benefits. It required these organizations to pay an “unrelated business income tax” (UBIT) on the cost of the transportation benefits provided after December 31, 2017.

The President signed into law legislation that includes a repeal of UBIT on parking and transit benefits for tax-exempt organizations. The repeal applies retroactively and will allow the organizations to amend previous returns to claim a refund of taxes already paid.

Want more like this?

Subscribe to get our latest resources and events just for non-profits in your inbox.

Would you like to learn more?

Join our email list to receive our most recent blog posts, notification of upcoming seminars, and access to new resources!

Stay Connected
More Updates
Person interacting with digital transformation interface, illustrating technology change management and integration of cloud, AI, and automation tools.

9 Proven Tips for Effective Technology Change Management

What is Technology Change Management? Technology change management is the structured approach businesses use to successfully implement new digital tools, systems, or software. It focuses on minimizing disruption, gaining employee

Introduction to Employee Stock Ownership Plans (ESOPs)

What is an ESOP? Employee Stock Ownership Plans, or ESOPs, are tax-advantaged defined contribution retirement plans primarily designed to hold company stock. Unlike traditional stock ownership, employees do not directly