[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1282 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 1282

  To amend the Internal Revenue Code of 1986 to repeal certain rules 
   related to the determination of unrelated business taxable income.


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                   IN THE SENATE OF THE UNITED STATES

                              May 2, 2019

Mr. Cruz (for himself and Mrs. Shaheen) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to repeal certain rules 
   related to the determination of unrelated business taxable income.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Preserve Charities and Houses of 
Worship Act''.

SEC. 2. REPEAL OF REQUIREMENT THAT UNRELATED BUSINESS TAXABLE INCOME BE 
              COMPUTED SEPARATELY FOR EACH TRADE OR BUSINESS ACTIVITY.

    (a) In General.--Section 512(a) of the Internal Revenue Code of 
1986 is amended by striking paragraph (6).
    (b) Effective Date.--The amendment made by this section shall take 
effect as if included in section 13702 of Public Law 115-97.

SEC. 3. REPEAL OF INCREASE OF UNRELATED BUSINESS TAXABLE INCOME BY 
              CERTAIN DISALLOWED FRINGE BENEFITS.

    (a) In General.--Section 512(a) of the Internal Revenue Code of 
1986 is amended by striking paragraph (7).
    (b) Effective Date.--The amendment made by this section shall take 
effect as if included in section 13703 of Public Law 115-97.
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