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H.R. 1519 (117th): Highway Restoration Act of 2021


The text of the bill below is as of Mar 2, 2021 (Introduced). The bill was not enacted into law.


I

117th CONGRESS

1st Session

H. R. 1519

IN THE HOUSE OF REPRESENTATIVES

March 2, 2021

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.

1.

Short title

This Act may be cited as the Highway Restoration Act of 2021.

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:

In the case of fiscal year:The applicable
percentage is:
202280 percent
202360 percent
202440 percent
202520 percent
2026 and each fiscal year thereafter0 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.