S. 2031 (109^th): A bill to provide for the valuation of employee personal use of noncommercial aircraft for purposes of Federal income tax inclusion.

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The text of the bill below is as of Nov 17, 2005 (Introduced). The bill was not enacted into law.

109th CONGRESS

1st Session

S. 2031

IN THE SENATE OF THE UNITED STATES

November 17, 2005

Mr. Dayton introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To provide for the valuation of employee personal use of noncommercial aircraft for purposes of Federal income tax inclusion.

(a)

For purposes of Federal income tax inclusion, the value of any employee personal use of noncommercial aircraft shall equal the excess (if any) of—

(1)

greater of—

(A)

the fair market value of such use, or

(B)

the actual cost of such use (including all fixed and variable costs), over

(2)

any amount paid by or on behalf of such employee for such use.

(b)

Subsection (a) shall apply to use after the date of the enactment of this Act.