H.R. 1519 — Introduced in House

I 117th CONGRESS 1st Session H. R. 1519 IN THE HOUSE OF REPRESENTATIVES March 2, 2021Mr. 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. 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 percent202360 percent202440 percent202520 percent2026 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.