Tax Cuts and Jobs Act
Federal and State laws can affect how the university conducts business. Here you will find guidance on how Tax Cuts and Jobs act changes affect NC State and its employees.
Effective, January 1, 2018
The passage of the Tax Cuts and Jobs Act in December 2017 implements several changes that will affect University employees and departments. As we work through the new legislation, we will provide further guidance and update policies and procedures regarding the affected activities.
- New Federal Tax Brackets
- Moving Expenses
- Unrelated Business Income
- Qualified Parking Transportation Fringe Benefits
H.R. 1 Tax Cut and Jobs Act of 2017
Qualified Transportation Fringe Benefits
Beginning with April paychecks, the University is moving from a pre-tax deduction of qualified parking permits to a post-tax deduction of qualified parking permits.
If you pay for your parking permit via a payroll deduction, you should see a slight increase in tax withholdings (federal, state, and FICA) related to this change.
There will not be any retroactive changes related to any pre-tax parking deductions processed on prior paychecks.
March 20, 2018 | Uncategorized
Unrelated Business Income
Several Provisions in the 2017 Tax Cuts and Jobs Act impact University activities that produce unrelated business income.
- Separately Computed Activities
- Disallowed Fringe Benefits
- NOL limited to 80% of income
New Federal Income Tax Brackets
The Tax Cuts and Jobs Act of 2017 also updated the Federal Income Tax Brackets. Links to IRS Federal Tax Brackets for 2017 and 2018 are below for comparison.
Updated 2018 Withholding Tables Now Available