H.R. 1551 — Introduced in House

I 114th CONGRESS 1st Session H. R. 1551 IN THE HOUSE OF REPRESENTATIVES March 23, 2015 Mr. Sanford (for himself, Mr. Jolly, Mr. Byrne, Mr. Duncan of South Carolina, Mr. Mulvaney, Mr. Amash, Mr. Meadows, Mr. Rice of South Carolina, and Mr. Massie) 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 2015. 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, 2015, 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:201680 percent201760 percent201840 percent201920 percent2020 and each fiscal year thereafter0 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, 2015.