[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 498 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                 S. 498

  To amend the Internal Revenue Code of 1986 to allow an employee to 
   elect to receive taxable cash compensation in lieu of nontaxable 
               parking benefits, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                             March 20, 1997

  Mr. Chafee (for himself and Mr. Moynihan) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to allow an employee to 
   elect to receive taxable cash compensation in lieu of nontaxable 
               parking benefits, 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 Choice Act of 1997''.

SEC. 2. ELECTION TO RECEIVE TAXABLE CASH COMPENSATION IN LIEU OF 
              NONTAXABLE PARKING BENEFITS.

    (a) In General.--Section 132(f)(4) of the Internal Revenue Code of 
1986 (relating to benefits not in lieu of compensation) is amended by 
adding at the end the following new sentence: ``This paragraph shall 
not apply to any qualified parking provided in lieu of compensation 
which otherwise would have been includible in gross income of the 
employee.''
    (b) Effective Date.--The amendment made by this section shall apply 
to qualified parking provided after December 31, 1997.
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