II 109th CONGRESS 1st Session S. 2031 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.

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.