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S. 3332 (115th): LIFT for Charities Act

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The text of the bill below is as of Aug 1, 2018 (Introduced). The bill was not enacted into law.

II

115th CONGRESS

2d Session

S. 3332

IN THE SENATE OF THE UNITED STATES

August 1, 2018

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.

1.

Short title

This Act may be cited as the Lessen Impediments From Taxes for Charities Act or the LIFT for Charities Act.

2.

Repeal of inclusion of certain fringe benefit expenses in unrelated business taxable income

(a)

In general

Section 512(a) of the Internal Revenue Code of 1986 is amended by striking paragraph (7).

(b)

Effective date

The amendment made by this section shall take effect as if included in the amendments made by section 13703 of Public Law 115–97.