Parking Cash-Out Act of 2023

Bill: 118-hr-6660
Sponsor: full_name: Rep. Blumenauer, Earl [D-OR-3]
Introduced: 2023-12-07
Policy area: Taxation
Latest action: action_date: 2023-12-07
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-12-07
action_desc: Introduced in House
text: <p> <strong>Parking Cash-Out Act of 2023 </strong></p> <p>This bill denies a tax exclusion for qualified parking fringe benefits unless employers providing such benefits offer their employees the option to receive, in lieu of the parking benefit, the fair market value of the parking (e.g., an equivalent cash benefit or alternative tax-exempt fringe benefit).</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 6660 IN THE HOUSE OF REPRESENTATIVES December 7, 2023 Mr. Blumenauer 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 stipulate that a parking benefit is not a qualified parking fringe benefit unless an employer offers employees the option to receive an equivalent cash benefit or alternative tax-exempt benefit in lieu of the parking benefit.

1. Short title This Act may be cited as the Parking Cash-Out Act of 2023 . 2. Option for cash benefit required (a) In general Section 132(f)(5)(C) is amended by striking or by carpool. and inserting or by carpool if the employer offers the employee the option to receive, in lieu of the qualified parking, the fair market value of the parking. . (b) Effective date The amendment made by this section shall apply to taxable years beginning after December 31, 2023.