S.Amdt. 2661
What it does: Adds SEC. __. VALUATION OF EMPLOYEE PERSONAL USE OF NONCOMMERCIAL AIRCRAFT on page 235, between lines 13 and 14
Sen. Mark Dayton (D-MN)What it changes
1 change to S. 2020
Adds SEC. __. VALUATION OF EMPLOYEE PERSONAL USE OF NONCOMMERCIAL AIRCRAFT on page 235, between lines 13 and 14
Adds a sectionPrinted pageInserted: SEC. __. VALUATION OF EMPLOYEE PERSONAL USE OF NONCOMMERCIAL AIRCRAFT.
Inserted: (a) In General.--For purposes of Federal income tax inclusion, the value of any employee personal use of noncommercial aircraft shall equal the excess (if any) of--
Inserted: (1) greater of--
Inserted: (A) the fair market value of such use, or
Inserted: (B) the actual cost of such use (including all fixed and variable costs), over
Inserted: (2) any amount paid by or on behalf of such employee for such use.
Inserted: (b) Effective Date.--Subsection (a) shall apply to use after the date of the enactment of this Act.
Original wording
On page 235, between lines 13 and 14, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2661. Mr. DAYTON submitted an amendment intended to be proposed by him to the bill S. 2020, to provide for reconciliation pursuant to section 202(b) of the concurrent resolution on the budget for fiscal year 2006; which was ordered to lie on the table; as follows:
On page 235, between lines 13 and 14, insert the following:
SEC. __. VALUATION OF EMPLOYEE PERSONAL USE OF NONCOMMERCIAL AIRCRAFT.
(a) In General.--For purposes of Federal income tax inclusion, the value of any employee personal use of noncommercial aircraft shall equal the excess (if any) of--
(1) greater of--
(A) the fair market value of such use, or
(B) the actual cost of such use (including all fixed and variable costs), over
(2) any amount paid by or on behalf of such employee for such use.
(b) Effective Date.--Subsection (a) shall apply to use after the date of the enactment of this Act.
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Senate amendment submitted
November 17, 2005