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EAlert: Important Policy Update for NFPs

On December 10, 2018, Governor Cuomo signed legislation (S.08831/A.11051) to protect non-profit employers from paying tax on commuter benefits such as transit or parking. This legislation decouples the New York State tax code from the Federal Unrelated Business Income Tax, which was passed in the Tax Cuts and Jobs Act. Prior to this signed legislation, nonprofits in NYS would have incurred an additional 9% tax, as those commuter benefits were considered taxable income. 

For more information, contact David Rottkamp, Partner, NFP Practice Leader, at DRottkamp@grassicpas.com

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