S 1034

112th CONGRESS
1st Session

S. 1034

To amend the Internal Revenue Code of 1986 to equalize the exclusion from gross income of parking and transportation fringe benefits and to provide for a common cost-of-living adjustment, and for other purposes.

IN THE SENATE OF THE UNITED STATES

May 19, 2011

Mr. SCHUMER (for himself, Mrs. GILLIBRAND, Mr. LIEBERMAN, Mr. CARDIN, Ms. MIKULSKI, and Mr. CARPER) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To amend the Internal Revenue Code of 1986 to equalize the exclusion from gross income of parking and transportation fringe benefits and to provide for a common cost-of-living adjustment, and for other purposes.

    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 `Commuter Benefits Equity Act of 2011'.

SEC. 2. UNIFORM DOLLAR LIMITATION FOR ALL TYPES OF TRANSPORTATION FRINGE BENEFITS.

    (a) In General- Section 132(f)(2) of the Internal Revenue Code of 1986 is amended--

      (1) by striking `$100' in subparagraph (A) and inserting `$230',

      (2) by striking `$175' in subparagraph (B) and inserting `$230', and

      (3) by striking the last sentence.

    (b) Inflation Adjustment Conforming Amendments- Subparagraph (A) of section 132(f)(6) of the Internal Revenue Code of 1986 is amended--

      (1) by striking the last sentence,

      (2) by striking `1999' and inserting `2011', and

      (3) by striking `1998' and inserting `2010'.

    (c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2011.

SEC. 3. CLARIFICATION OF FEDERAL EMPLOYEE BENEFITS.

    Section 7905 of title 5, United States Code, is amended--

      (1) in subsection (a)--

        (A) in paragraph (2)(C) by inserting `and' after the semicolon;

        (B) in paragraph (3) by striking `; and' and inserting a period; and

        (C) by striking paragraph (4); and

      (2) in subsection (b)(2)(A) by amending subparagraph (A) to read as follows:

        `(A) a qualified transportation fringe as defined in section 132(f)(1) of the Internal Revenue Code of 1986;'.

END