Camp's Draft UBIT Provisions Could Show Up Ahead of Tax Overhaul Bill

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Most observers don't think the entirety of Rep. Dave Camp's (R-Mich.) Tax Reform Act of 2014 will be enacted this year—or any year soon—but practitioners are concerned that some of the provisions affecting tax-exempt organizations may be enacted as a part of some other tax bill.
Practitioners ears' pricked up at the April 24-25 Representing and Managing Tax Exempt Organizations conference when a Joint Committee on Taxation staffer said that while all of Camp's discussion draft may not be enacted, some of the provisions considered onerous by exempts, including those on unrelated business income tax, could be picked off for inclusion in another bill.
“If you think that these [provisions] are not important and I don't need to worry about these right now because they are in the context of a giant tax bill that may or may not move this year, I think you need to think differently about it, maybe with a little more sense of urgency,” Gordon Clay, tax legislation counsel with the Joint Committee on Taxation, told practitioners gathered for the conference at an April 24 session.