Senate S.362 “Lessening Impediments from Taxes (LIFT) for Charities”
I recommend and support the passage of the Senate Bill S.362 AKA the “Lessening Impediments from Taxes (LIFT) for Charities Act” which would eliminate a tax provision that requires charities, churches, and other traditionally tax-exempt organizations to pay federal taxes on employee benefits. It’d amend the Internal Revenue Code to modify how the unrelated business taxable income of tax-exempt organizations is determined, so that certain fringe benefits for which a tax deduction isn’t currently allowed -- such as transportation benefits, parking, or an on-premises athletic facility -- would no longer be taxed.
Nonprofit organizations don’t have the budgets or staff to handle the new tax rule requiring them to pay federal taxes on employee benefits. Moreover, imposing taxes on “nonprofit” organizations makes it harder for them to lift up their communities.
SneakyPete..... 👍🏻👍🏻 S.362 👍🏻👍🏻. 7.6.19.....