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Home » Bill w/ CUNA-backed UBIT repeal passes committee
Policy & Issues

Bill w/ CUNA-backed UBIT repeal passes committee

June 20, 2019

The House Ways and Means Committee voted 22-19 in favor of the Economic Mobility Act of 2019 (H.R. 3300) Thursday, a bill that contains a CUNA-sought repeal of unrelated business income tax (UBIT) on certain fringe benefits at not-for-profits. CUNA wrote to the committee in advance of the markup, detailing its support for the UBIT repeal.

A provision in the Tax Cuts and Jobs Act of 2017 (TCJA) requires tax-exempt organizations currently subject to UBIT to pay effectively 21% on certain employee fringe benefits, namely transportation and parking benefits. 

CUNA has lobbied Congress for over a year to repeal the UBIT provision. In addition, CUNA has repeatedly expressed numerous concerns with the definitions and Internal Revenue Service guidance on the TCJA UBIT provision as “severely lacking in substance and clarity.”

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Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

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