[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 787 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                 S. 787

 To amend the Internal Revenue Code of 1986 to equalize the exclusion 
from gross income of parking and transportation fringe benefits and to 
provide for a common cost-of-living adjustment, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 14, 2005

  Mr. Schumer (for himself, Mr. Kennedy, Mrs. Clinton, Mr. Levin, Mr. 
   Durbin, Mr. Sarbanes, Mr. Kerry, Mr. Carper, Mrs. Feinstein, Ms. 
  Mikulski, Mr. Lautenberg, and Mr. Salazar) 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 equalize the exclusion 
from gross income of parking and transportation fringe benefits and to 
provide for a common cost-of-living adjustment, 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 Benefits Equity Act of 
2005''.

SEC. 2. UNIFORM DOLLAR LIMITATION FOR ALL TYPES OF TRANSPORTATION 
              FRINGE BENEFITS.

    (a) In General.--Section 132(f)(2) of the Internal Revenue Code of 
1986 (relating to limitation on exclusion) is amended--
            (1) by striking ``$100'' in subparagraph (A) and inserting 
        ``$200'', and
            (2) by striking ``$175'' in subparagraph (B) and inserting 
        ``$200''.
    (b) Inflation Adjustment Conforming Amendments.--Subparagraph (A) 
of section 132(f)(6) of the Internal Revenue Code of 1986 (relating to 
inflation adjustment) is amended--
            (1) by striking the last sentence,
            (2) by striking ``1999'' and inserting ``2008'', and
            (3) by striking ``1998'' and inserting ``2007''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2004.

SEC. 3. CLARIFICATION OF FEDERAL EMPLOYEE BENEFITS.

    Section 7905 of title 5, United States Code, is amended--
            (1) in subsection (a)--
                    (A) in paragraph (2)(C) by inserting ``and'' after 
                the semicolon;
                    (B) in paragraph (3) by striking ``; and'' and 
                inserting a period; and
                    (C) by striking paragraph (4); and
            (2) in subsection (b)(2)(A) by amending subparagraph (A) to 
        read as follows:
                    ``(A) a qualified transportation fringe as defined 
                in section 132(f)(1) of the Internal Revenue Code of 
                1986;''.
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