Highway Restoration Act of 2021

Bill: 117-hr-1519
Sponsor: full_name: Rep. Rice, Tom [R-SC-7]
Introduced: 2021-03-02
Policy area: Transportation and Public Works
Subjects: Government trust funds

Public transit

Roads and highways

Taxation

Transportation programs funding
Latest action: action_date: 2021-03-02
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-03-02
action_desc: Introduced in House
text: <p><b>Highway Restoration Act of 2021</b></p> <p>This bill provides for a phaseout of the Mass Transit Account by the end of FY2025. Beginning in FY2026, no funds will be transferred to the account from the Highway Trust Fund. </p>

tv_txt: 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.

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: 2022 80 percent 2023 60 percent 2024 40 percent 2025 20 percent 2026 and each fiscal year thereafter 0 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.