H.R. 1680

Transportation Flexible Savings Accounts Act of 2011

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I

112th CONGRESS

1st Session

H. R. 1680

IN THE HOUSE OF REPRESENTATIVES

May 2, 2011

Mr. Weiner introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to provide commuter flexible spending arrangements.

1.

Short title

This Act may be cited as the Transportation Flexible Savings Accounts Act of 2011.

2.

Transportation flexible spending arrangements

(a)

In general

Section 125 of the Internal Revenue Code of 1986 (relating to cafeteria plans) is amended by redesignating subsections (k) and (l) as subsections (l) and (m), respectively, and by inserting after subsection (j) the following new subsection:

(k)

Transportation flexible spending arrangement

(1)

In general

Notwithstanding subsection (f), qualified transportation fringe shall be treated as a qualified benefit for purposes of this section to the extent provided under a flexible spending arrangement (as defined in section 106(c)).

(2)

Qualified transportation fringe

For purposes of this subsection, the term qualified transportation fringe has the meaning given such term by section 132(f), except that paragraph (2)(B) thereof shall be applied by substituting $100 for $175.

.

(b)

Modification of regulations

The Secretary of the Treasury shall make such modifications to Treasury Regulations under section 125 of the Internal Revenue Code of 1986 as may be necessary to allow qualified transportation fringe (as defined in section 125(k) of such Code) to be offered through a flexible spending arrangement in a cafeteria plan.

(c)

Effective date

The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.