Sunday, December 31, 2017

Update on Federal Tax Bill

The UBIT provision (regarding taxation of public pensions) was in conference in the House passed bill.
Government sponsored pension plans are exempt from UBIT because they
are treated as exercising an essential governmental function and thus
are exempt.
The House bill would have eliminated this exemption!
This was in a revenue raising part of the bill so it was a real possibility that it would have
made it into law.....they needed the money to pay for the other tax cuts.

Update:
The above provision was dropped from the tax bill.

THANKS TO ALL WHO CONTACTED THEIR REPRESENTATIVES!!

The SPARTA Legislative Committee 

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