[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 2031 Introduced in Senate (IS)]








109th CONGRESS
  1st Session
                                S. 2031

To provide for the valuation of employee personal use of noncommercial 
         aircraft for purposes of Federal income tax inclusion.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 17, 2005

  Mr. Dayton introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To provide for the valuation of employee personal use of noncommercial 
         aircraft for purposes of Federal income tax inclusion.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. VALUATION OF EMPLOYEE PERSONAL USE OF NONCOMMERCIAL 
              AIRCRAFT.

    (a) In General.--For purposes of Federal income tax inclusion, the 
value of any employee personal use of noncommercial aircraft shall 
equal the excess (if any) of--
            (1) greater of--
                    (A) the fair market value of such use, or
                    (B) the actual cost of such use (including all 
                fixed and variable costs), over
            (2) any amount paid by or on behalf of such employee for 
        such use.
    (b) Effective Date.--Subsection (a) shall apply to use after the 
date of the enactment of this Act.
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