I 117TH CONGRESS 1ST SESSION H. R. 1519 To amend the Internal Revenue Code of 1986 to phaseout the Mass Transit Account. 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Highway Restoration 4 Act of 2021’’. 5 SEC. 2. PHASEOUT OF MASS TRANSIT ACCOUNT. 6 (a) IN GENERAL.—Section 9503(e) of the Internal 7 Revenue Code of 1986 is amended by adding at the end 8 the following: 9 VerDate Sep 11 2014 03:47 Apr 17, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1519.IH H1519 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 1519 IH ‘‘(6) PHASEOUT.—In the case of fiscal years 1 beginning after September 30, 2021, each rate de- 2 termined under paragraph (2) shall be the applicable 3 percentage of such rate. For purposes of the pre- 4 ceding sentence, the applicable percentage shall be 5 determined under the following table: 6 ‘‘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 7 9503(e)(5)(A) of the Internal Revenue Code of 1986 is 8 amended by striking ‘‘paragraph (2)’’ and inserting ‘‘para- 9 graphs (2) and (6)’’. 10 (c) EFFECTIVE DATE.—The amendments made by 11 this section shall apply to fiscal years beginning after Sep- 12 tember 30, 2021. 13 Æ VerDate Sep 11 2014 19:54 Apr 19, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H1519.IH H1519 pbinns on DSKJLVW7X2PROD with BILLS