117 HR 8265 IH: Tax Emergency Adjustment for Mileage Volunteers Act U.S. House of Representatives 2022-07-01 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I117th CONGRESS2d SessionH. R. 8265IN THE HOUSE OF REPRESENTATIVESJuly 1, 2022Ms. Craig (for herself and Mr. Stauber) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo amend the Internal Revenue Code of 1986 to increase the charitable mileage rate.

1.

Short title

This Act may be cited as the Tax Emergency Adjustment for Mileage Volunteers Act or as the TEAM Volunteers Act.

2.

Increase in charitable mileage rate

(a)

In general

Section 170(i) of the Internal Revenue Code of 1986 is amended to read as follows:(i)

Standard mileage rate for use of passenger automobile

(1)

In general

For purposes of computing the deduction under this section for use of a passenger automobile, the standard mileage rate shall be—(A)during any taxable year beginning after December 31, 2021, and before January 1, 2024, the standard mileage rate with respect to use of a passenger automobile for purposes of determining the deduction allowable under sections 162 and 212, and(B)during any taxable year beginning after December 31, 2023, 24 cents per mile.(2)

Inflation adjustment

In the case of any taxable year beginning in a calendar year after 2024, the 24 cents amount in paragraph (1)(B)(ii) shall be increased by an amount equal to—(A)24 cents, multiplied by(B)the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2023 for calendar year 2016 in subparagraph (A)(ii) thereof.Any increase determined under the preceding sentence which is not a multiple of 1 cent shall be rounded to the nearest multiple of 1 cent..(b)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2021.