118 HR 6660 IH: Parking Cash-Out Act of 2023 U.S. House of Representatives 2023-12-07 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.

I118th CONGRESS1st SessionH. R. 6660IN THE HOUSE OF REPRESENTATIVESDecember 7, 2023Mr. Blumenauer introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo 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.

1.

Short title

This Act may be cited as the Parking Cash-Out Act of 2023.

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.