What’s New for Nonprofits in 2020 - Charity Lawyer Blog
At the close of 2019, Congress passed legislation that has a significant impact on nonprofits. On December 20, 2019, the “Further Consolidated Appropriations Act, 2020,” also known as H.R. 1865, became law. This act includes two provisions that significantly impact nonprofits: The simplification of the excise tax on net investment income; and The retroactive repeal of the unrelated business income tax on qualified transportation fringe benefits.