Parking Tax Repealed

InsightsClient Alert, Uncategorized

The “Parking Tax” imposed under I.R.C. Section 512(a)(7) upon enactment of the 2017 Tax Cuts and Jobs Act has now been retroactively repealed under the Taxpayer Certainty and Disaster Tax Relief Act signed into law on December 20, 2019. The 2019 Act repeals the highly contested unrelated business income tax on tax-exempt organization disallowed fringes retroactively—as if it never existed. This means many nonprofits no longer owe this tax and will be due refunds of amounts related to this tax that were reported and paid on Form 990-T over the past two years.  If your organization is due a refund, please stay tuned! We’re awaiting news from the IRS regarding the refund process.

For more information, please contact our Albany office at (229) 883-7878 or our Atlanta office (404) 220-8494.

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