I
117th CONGRESS
1st Session
H. R. 1519
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.
Short title
This Act may be cited as the Highway Restoration Act of 2021
.
Phaseout of Mass Transit Account
In general
Section 9503(e) of the Internal Revenue Code of 1986 is amended by adding at the end the following:
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:
| In the case of fiscal year: | The applicable percentage is: |
| 2022 | 80 percent |
| 2023 | 60 percent |
| 2024 | 40 percent |
| 2025 | 20 percent |
| 2026 and each fiscal year thereafter | 0 percent. |
.
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)
.
Effective date
The amendments made by this section shall apply to fiscal years beginning after September 30, 2021.
