[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1551 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 1551

To amend the Internal Revenue Code of 1986 to phaseout the Mass Transit 
                                Account.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 23, 2015

  Mr. Sanford (for himself, Mr. Jolly, Mr. Byrne, Mr. Duncan of South 
   Carolina, Mr. Mulvaney, Mr. Amash, Mr. Meadows, Mr. Rice of South 
  Carolina, and Mr. Massie) 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 phaseout the Mass Transit 
                                Account.

    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 ``Highway Restoration Act of 2015''.

SEC. 2. PHASEOUT OF MASS TRANSIT ACCOUNT.

    (a) In General.--Section 9503(e) of the Internal Revenue Code of 
1986 is amended by adding at the end the following:
            ``(6) Phaseout.--In the case of fiscal years beginning 
        after September 30, 2015, each rate determined under paragraph 
        (2) shall be the applicable percentage of such rate. For 
        purposes of the preceding sentence, the applicable percentage 
        shall be determined under the following table:


------------------------------------------------------------------------
                                                          The applicable
              ``In the case of fiscal year:                  percentage
                                                                is:
------------------------------------------------------------------------
2016....................................................      80 percent
2017....................................................      60 percent
2018....................................................      40 percent
2019....................................................      20 percent
2020 and each fiscal year thereafter....................   0 percent.''.
------------------------------------------------------------------------

    (b) Conforming Amendment.--Section 9503(e)(5)(A) of the Internal 
Revenue Code of 1986 is amended is amended by striking ``paragraph 
(2)'' and inserting ``paragraphs (2) and (6)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to years beginning after September 30, 2015.
                                 <all>