A bill to require the Secretary of the Treasury to modify the proposed regulation relating to the use of the cents-per-mile valuation rule in valuing the fringe benefit received by an employee for personal use of a vehicle provided by his employer.

Requires the Secretary of the Treasury to make modifications in the proposed regulation relating to the use of the cents-per-mile valuation rule in valuing the fringe benefit received by an employee for personal use of a vehicle provided by an employer, such that the cents-per-mile valuation may be used without regard to the fair market value of the vehicle, with certain limitations.