[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4352 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 4352

To amend the Internal Revenue Code of 1986 to deny a deduction for the 
 portion of employer-provided vacation flights in excess of the amount 
       of such flights which is treated as employee compensation.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 12, 2004

 Mr. Emanuel (for himself, Mr. Brown of Ohio, Ms. Lee, Mr. Lantos, Mr. 
McGovern, Mr. Israel, Mr. Stark, Ms. Schakowsky, Ms. Hooley of Oregon, 
Mr. Grijalva, and Ms. DeLauro) 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 deny a deduction for the 
 portion of employer-provided vacation flights in excess of the amount 
       of such flights which is treated as employee compensation.

    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 ``Corporate Jet Tax Shelter Reform Act 
of 2004''.

SEC. 2. DENIAL OF DEDUCTION FOR EMPLOYER-PROVIDED VACATION FLIGHTS IN 
              EXCESS OF THE AMOUNT OF SUCH FLIGHTS TREATED AS EMPLOYEE 
              COMPENSATION.

    (a) In General.--Paragraph (2) of section 274(e) of the Internal 
Revenue Code of 1986 (relating to expenses treated as compensation) is 
amended by adding at the end the following: ``The amount allowable as a 
deduction by reason of this paragraph with respect to an aircraft 
provided by the taxpayer shall not exceed the expenses for goods, 
services, and facilities relating to such aircraft which are treated as 
such compensation and wages.''.
    (b) Reduction in Public Debt.--The increase in Federal receipts in 
the United States Treasury by reason of the amendment made by 
subsection (a) shall be used solely for reduction of the public debt, 
and for such purpose the Secretary of the Treasury shall deposit an 
amount equal to such receipts in the account specified in section 
3113(d) of title 31, United States Code.
    (c) Effective Date.--The amendment made by subsection (a) shall 
apply to expenses incurred after the date of the enactment of this Act 
in taxable years ending after such date.
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