U.S. House Passes UBIT Repeal
The bill will now go to the Senate where it could be approved
Today, the U.S. House of Representatives passed a government funding package that includes repeal of the 21-percent unrelated business income tax (UBIT) on nonprofit parking and transit benefits. The legislation is expected to pass the U.S. Senate and must then be signed by the President to become law.
While it is not quite over the finish line, repealing this harmful tax has been the top legislative priority for the Ohio Society of Association Executives (OSAE), the American Society of Association Executives (ASAE) and the UBIT Coalition, of which OSAE is a participant.
"We thank the UBIT Coalition, issue stakeholders and advocates for their support to amplify the tax-exempt community’s voice on Capitol Hill," said OSAE President & CEO Jarrod A. Clabaugh, CAE. "Thousands of nonprofit and association professionals weighed in on this issue and our collective voice resonated with lawmakers."
ASAE expressed how grateful it is for the dedicated, bipartisan leadership from numerous champions on Capitol Hill. They look forward to distributing updates as the legislation progresses.
If you have questions about this critical legislation and what it means for the tax-exempt community, please contact ASAE’s public policy team at (202) 626-2703 or via email.