A bill to amend the Internal Revenue Code of 1954 to exclude from gross income of an employee the value of public transit passes provided by his employer, to provide a refundable tax credit to an employer in an amount equal to five percent of the cost of public transit passes provided by such an employer to his employee, and for other purposes.
Commuter Taxpayer Assistance Act of 1981 - Amends the Internal Revenue Code to exclude from the gross income of an employee the value of public transit passes provided by an employer.
Provides a refundable tax credit for five percent of the cost to the employer of purchasing such passes for employees.
Introduced in Senate
Read second time and referred to Senate Committee on Finance.
Committee on Finance requested executive comment from OMB; Treasury Department; Transportation Department; Energy Department.
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