“Mind Your Own (Unrelated) Business!!”
On November 6, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced the Tax Cuts and Jobs Act, the long-awaited Republican-sponsored tax bill. The House bill proposes a significant overhaul to the Internal Revenue Code of 1986, as amended and also provides a potential surprise for governmental retirement plans and those that provide services to them.
This Stroock Special Bulletin calls attention to this unrelated business income tax, or UBTI, provision and commends clients and friends’ continued attention to this and other provisions of tax reform legislation proposals that are expected in the coming weeks.