Parking Tax Update - Repeal of Parking Fringes Tax

The Economic Mobility Act of 2019 would repeal section 512(a)(7), which imposes a 21 percent tax on expenses incurred by tax-exempt organizations for providing transportation benefits to their employees. The bill was approved by the House Ways and Means Committee on June 20. While there is hope that the bill will clear the House, the repeal provision faces a strong headwind in the Senate in its current form.

Read More: ECFA Joins Coalition in Call for Full Repeal of Nonprofit Parking Tax

This text is provided with the understanding that ECFA is not rendering legal, accounting, or other professional advice or service. Professional advice on specific issues should be sought from an accountant, lawyer, or other professional.


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