S. 1282 — Introduced in Senate

II 116th CONGRESS 1st Session S. 1282 IN THE SENATE OF THE UNITED STATES May 2, 2019Mr. Cruz (for himself and Mrs. Shaheen) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to repeal certain rules related to the determination of unrelated business taxable income. 1. Short title This Act may be cited as the Preserve Charities and Houses of Worship Act. 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. 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.