Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
II
116TH CONGRESS
1ST SESSION
S. 632
To amend the Internal Revenue Code of 1986 to repeal the inclusion of
certain fringe benefit expenses for which a deduction is disallowed in
unrelated business taxable income.
IN THE SENATE OF THE UNITED STATES
FEBRUARY 28, 2019
Mr. LANKFORD (for himself and Mr. COONS) introduced the following bill;
which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to repeal
the inclusion of certain fringe benefit expenses for which
a deduction is disallowed in unrelated business taxable
income.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Lessen Impediments
4
From Taxes for Charities Act’’ or the ‘‘LIFT for Charities
5
Act’’.
6
VerDate Sep 11 2014
22:56 Mar 08, 2019
Jkt 089200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\S632.IS
S632
pamtmann on DSKBFK8HB2PROD with BILLS
2
•S 632 IS
SEC. 2. REPEAL OF INCLUSION OF CERTAIN FRINGE BEN-
1
EFIT EXPENSES IN UNRELATED BUSINESS
2
TAXABLE INCOME.
3
(a) IN GENERAL.—Section 512(a) of the Internal
4
Revenue Code of 1986 is amended by striking paragraph
5
(7).
6
(b) EFFECTIVE DATE.—The amendment made by
7
this section shall take effect as if included in the amend-
8
ments made by section 13703 of Public Law 115–97.
9
Æ
VerDate Sep 11 2014
22:56 Mar 08, 2019
Jkt 089200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6301
E:\BILLS\S632.IS
S632
pamtmann on DSKBFK8HB2PROD with BILLS