[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 661 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 661
To amend the Internal Revenue Code of 1986 to equalize the exclusion
from gross income of parking and transportation fringe benefits and to
provide for a common cost-of-living adjustment, and for other purposes.
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IN THE SENATE OF THE UNITED STATES
March 19, 2003
Mr. Schumer (for himself, Mr. Warner, Mr. Sarbanes, Mr. Kennedy, and
Mrs. Clinton ) introduced the following bill; which was read twice and
referred to the Committee on Finance
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A BILL
To amend the Internal Revenue Code of 1986 to equalize the exclusion
from gross income of parking and transportation fringe benefits and to
provide for a common cost-of-living adjustment, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Commuter Benefits Equity Act of
2003''.
SEC. 2. UNIFORM DOLLAR LIMITATION FOR ALL TYPES OF TRANSPORTATION
FRINGE BENEFITS.
(a) In General.--Section 132(f)(2) of the Internal Revenue Code of
1986 (relating to limitation on exclusion) is amended--
(1) by striking ``$100'' in subparagraph (A) and inserting
``$190'', and
(2) by striking ``$175'' in subparagraph (B) and inserting
``$190''.
(b) Inflation Adjustment Conforming Amendments.--Subparagraph (A)
of section 132(f)(6) of the Internal Revenue Code of 1986 (relating to
inflation adjustment) is amended--
(1) by striking the last sentence,
(2) by striking ``1999'' and inserting ``2003'', and
(3) by striking ``1998'' and inserting ``2002''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2003.
SEC. 3. 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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