S.Amdt. 2282
What it does: Rewrites section 5507
Sen. Charles E. Schumer (D-NY)What it changes
1 change to S. 1072
Rewrites section 5507
ReplacesRemoves section 5507.
Inserted: SEC. 5507. UNIFORM DOLLAR LIMITATION FOR ALL TYPES OF TRANSPORTATION FRINGE BENEFITS; CLARIFICATION OF FEDERAL EMPLOYEE BENEFITS.
Inserted: (a) Uniform Dollar Limitation For All Types of Transportation Fringe Benefits.--
Inserted: (1) In general.--Section 132(f)(2) of the Internal Revenue Code of 1986 (relating to limitation on exclusion) is amended--
Inserted: (A) by striking "$100" in subparagraph (A) and inserting "$190", and
Inserted: (B) by striking "$175" in subparagraph (B) and inserting "$190".
Inserted: (2) Inflation adjustment conforming amendments.--Subparagraph (A) of section 132(f)(6) of the Internal Revenue Code of 1986 (relating to inflation adjustment) is amended--
Inserted: (A) by striking the last sentence,
Inserted: (B) by striking "1999" and inserting "2003", and
Inserted: (C) by striking "1998" and inserting "2002".
Inserted: (3) Effective Date.--The amendments made by this subsection shall apply to taxable years beginning after December 31, 2003.
Inserted: (b) Clarification of Federal Employee Benefits.--Section 7905 of title 5, United States Code, is amended--
Inserted: (1) in subsection (a)--
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Inserted: (A) in paragraph (2)(C) by inserting "and" after the semicolon;
Inserted: (B) in paragraph (3) by striking "; and" and inserting a period; and
Inserted: (C) by striking paragraph (4); and
Inserted: (2) in subsection (b)(2)(A) by amending subparagraph (A) to read as follows:
Inserted: "(A) a qualified transportation fringe as defined in section 132(f)(1) of the Internal Revenue Code of 1986;".
Original wording
Strike section 5507 and insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2282. Mr. SCHUMER submitted an amendment intended to be proposed by him to the bill S. 1072, to authorize funds for Federal-aid highways, highway safety programs, and transit programs, and for other purposes; which was ordered to lie on the table; as follows:
Strike section 5507 and insert the following:
SEC. 5507. UNIFORM DOLLAR LIMITATION FOR ALL TYPES OF TRANSPORTATION FRINGE BENEFITS; CLARIFICATION OF FEDERAL EMPLOYEE BENEFITS.
(a) Uniform Dollar Limitation For All Types of Transportation Fringe Benefits.--
(1) In general.--Section 132(f)(2) of the Internal Revenue Code of 1986 (relating to limitation on exclusion) is amended--
(A) by striking “$100” in subparagraph (A) and inserting “$190”, and
(B) by striking “$175” in subparagraph (B) and inserting “$190”.
(2) Inflation adjustment conforming amendments.--Subparagraph (A) of section 132(f)(6) of the Internal Revenue Code of 1986 (relating to inflation adjustment) is amended--
(A) by striking the last sentence,
(B) by striking “1999” and inserting “2003”, and
(C) by striking “1998” and inserting “2002”.
(3) Effective Date.--The amendments made by this subsection shall apply to taxable years beginning after December 31, 2003.
(b) Clarification of Federal Employee Benefits.--Section 7905 of title 5, United States Code, is amended--
(1) in subsection (a)--
(A) in paragraph (2)(C) by inserting “and” after the semicolon;
(B) in paragraph (3) by striking “; and” and inserting a period; and
(C) by striking paragraph (4); and
(2) in subsection (b)(2)(A) by amending subparagraph (A) to read as follows:
“(A) a qualified transportation fringe as defined in section 132(f)(1) of the Internal Revenue Code of 1986;”.
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Senate amendment submitted
February 10, 2004