[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6660 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 6660

To amend the Internal Revenue Code of 1986 to stipulate that a parking 
 benefit is not a qualified parking fringe benefit unless an employer 
 offers employees the option to receive an equivalent cash benefit or 
     alternative tax-exempt benefit in lieu of the parking benefit.


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                    IN THE HOUSE OF REPRESENTATIVES

                            December 7, 2023

Mr. Blumenauer 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 stipulate that a parking 
 benefit is not a qualified parking fringe benefit unless an employer 
 offers employees the option to receive an equivalent cash benefit or 
     alternative tax-exempt benefit in lieu of the parking benefit.

    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 ``Parking Cash-Out Act of 2023''.

SEC. 2. OPTION FOR CASH BENEFIT REQUIRED.

    (a) In General.--Section 132(f)(5)(C) is amended by striking ``or 
by carpool.'' and inserting ``or by carpool if the employer offers the 
employee the option to receive, in lieu of the qualified parking, the 
fair market value of the parking.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2023.
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