Tax-Exempt Entities Wave Goodbye to Tax Reform's Transportation and Parking Tax, Jan. 2, 2020

The Taxpayer Certainty and Disaster Relief Act of 2020, which contained the SECURE Act and addressed tax "extender" provisions, also repealed a controversial portion of IRC Section 512(a). Generally, tax-exempt entities were subject to a 21 percent tax on certain benefits, including use of parking facilities, provided to employees beginning in 2018. The new law repeals this expanded definition retroactively to the date of its enactment, to it is essentially as though the UBTI expansion was never enacted. For more information on the issue, visit Tax Facts Online.