Spending act repeals UBTI increase for certain transportation fringe benefits

The recently signed Further Consolidated Appropriations Act, 2020 (H.R. 1865), which partly funds the federal government through fiscal year 2020, contains a litany of changes to the Internal Revenue Code (IRC). One such change is the repeal of the increase in unrelated business taxable income (UBTI) for certain fringe benefits enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA). 

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