Text: H.R.2391 — 115th Congress (2017-2018)All Information (Except Text)

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Introduced in House (05/04/2017)


115th CONGRESS
1st Session
H. R. 2391


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


IN THE HOUSE OF REPRESENTATIVES

May 4, 2017

Mr. Sanford (for himself, Mr. Meadows, and 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 2017”.

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, 2017, 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:


“In the case of fiscal year: The applicable percentage is:
2018 80 percent
2019 60 percent
2020 40 percent
2021 20 percent
2022 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, 2017.