[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1519 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 1519

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 2, 2021

  Mr. Rice of South Carolina 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 2021''.

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, 2021, 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:
------------------------------------------------------------------------
2022....................................................      80 percent
2023....................................................      60 percent
2024....................................................      40 percent
2025....................................................      20 percent
2026 and each fiscal year thereafter....................   0 percent.''.
------------------------------------------------------------------------

    (b) Conforming Amendment.--Section 9503(e)(5)(A) of the Internal 
Revenue Code of 1986 is amended by striking ``paragraph (2)'' and 
inserting ``paragraphs (2) and (6)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to fiscal years beginning after September 30, 2021.
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