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NAFCU to Congress: Repealing excise tax the right thing to do

first_imgYesterday, NAFCU wrote to applaud the House Ways and Means Committee for including a provision in the Economic Mobility Act of 2019 that would repeal the 21 percent excise tax imposed on certain not-for-profits for providing certain fringe benefits under the Tax Cuts and Jobs Act (TCJA) ahead of tomorrow’s markup session. Additionally, the association also urged the committee to include in the bill a technical correction to the TCJA that would treat executive compensation contacts at not-for-profits the same as for-profits.Under the TCJA, for-profit executive compensation contracts that were in effect prior to November 2, 2017 are able to remain exempt from deductibility limits. However, no grandfathering provision was included in the section dealing with not-for-profit executive compensation contracts.“We do not believe it was the intent of the TCJA to disadvantage the not-for-profit sector vis-à-vis the for-profit sector in such a way, and would urge a fix to the TCJA to provide not-for-profits a similar grandfather clause to what is enjoyed by for-profits,” wrote Thaler. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more


VNG awards LOI for Fenja development to TechnipFMC

first_imgNorwegian oil company VNG Norge has signed a letter of intent with TechnipFMC for the Fenja (formerly Pil & Bue) field development project offshore Norway.According to VNG, the letter of intent includes Engineering, Procurement, Construction and Installation of the SPS (Subsea Production Systems) and SURF (Subsea structures, Umbilicals, Risers and Flowlines) for the Fenja project in the Norwegian Sea.The final contract will be signed pending a final investment decision planned for December 2017, and subject to the authorities’ approval of the Plan for Development and Operations (PDO).Operated by VNG, the Fenja field is expected to be developed as a subsea tie-back to Njord A platform. The field is set to be developed in two stages with two oil producers and one water injector starting production in early 2021 and one oil producer, one water injector and one gas injector starting production in early 2022.last_img read more