II
110th CONGRESS
1st Session
S. 1220
IN THE SENATE OF THE UNITED STATES
April 25, 2007
Mr. Schumer introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To increase the standard mileage rate for use of an automobile for business, medical, and moving deduction purposes for 2007 and permanently increase such rate for charitable deduction purposes under the Internal Revenue Code of 1986 and to temporarily increase the reimbursement rate for use of an automobile by Federal employees.
Short title
This Act may be cited as the
Reimbursing Our American Drivers
(ROAD) Act of 2007
.
Temporary increase in mileage rate deduction
Rate for business, medical, and moving use of an automobile
For purposes of sections 162(a), 213(d)(1)(B), and 217 of the Internal Revenue Code of 1986, the standard mileage rate for use of an automobile shall be 60 cents per mile for any use after December 31, 2006, and before January 1, 2008.
Rate for charitable use of an automobile
Section 170(i) of the Internal Revenue Code
of 1986 is amended by striking 14 cents
and inserting 30
cents
.
Temporary increase in reimbursement rate for use of an automobile for Federal employees
For purposes of section 5704 of title 5, United States Code, the standard mileage rate for use of an automobile for an employee who is engaged on official business for the Government shall be 60 cents per mile for any use after December 31, 2006, and before January 1, 2008.