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.

Directs the Secretary of the Treasury to modify a 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 an employer-provided vehicle. Requires modifications that authorize use of cents-per-mile valuation without regard to the fair market value of the vehicle, with certain limitations.