Supporting Transit Commutes Act

Bill: 118-hr-9464
Sponsor: full_name: Rep. Auchincloss, Jake [D-MA-4]
Introduced: 2024-09-06
Policy area: Taxation
Latest action: action_date: 2024-09-06
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2024-09-06
action_desc: Introduced in House
text: <p><strong>Supporting Transit Commutes Act&nbsp;</strong></p><p>This bill allows employers a tax deduction for certain transportation fringe benefits (e.g., commuter and parking costs, bicycle reimbursements) paid to their employees. It also gives employers a 50% tax deduction for the amount of benefits withheld from their employees' wages.&nbsp;</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 9464 IN THE HOUSE OF REPRESENTATIVES September 6, 2024 Mr. Auchincloss (for himself, Mr. Molinaro , Mr. Blumenauer , and Mr. McGovern ) 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 allow employers to deduct certain transportation fringe benefits.

1. Short title This Act may be cited as the Supporting Transit Commutes Act . 2. Deduction allowed for certain transportation fringe benefits provided by employers (a) In general Section 274(l) of the Internal Revenue Code of 1986 is amended by redesignating paragraph (2) as paragraph (3) and inserting after paragraph (1) the following new paragraph: (2) Exception for certain transportation fringe benefits (A) In general Paragraph (1) shall not apply to so much of any qualified transportation fringe described in subparagraph (A) or (B) of section 132(f)(1) as does not exceed the limitation described in section 132(f)(2)(A). (B) Reduced deduction in case of benefits provided under salary reduction agreements In the case of any qualified transportation fringe with respect to which the employee may elect between receiving such fringe and receiving an amount directly in cash, subparagraph (A) shall be applied by substituting 50 percent of so much for so much . . (b) Conforming amendment Section 274(l)(3) of such Code, as redesignated by subsection (a), is amended— (1) by striking this subsection and inserting paragraph (1) , and (2) by inserting for qualified bicycle commuting reimbursement after Exception in the heading thereof. (c) Effective date The amendments made by this section shall apply to amounts paid or incurred after the date of the enactment of this Act, in taxable years ending after such date.