H.R. 3739 (Introduced in House) — To amend the Internal Revenue Code of 1986 to equalize the exclusion from gross income of parking and transportation fringe benefits and to provide for a common cost-of-living adjustment, and for other purposes.

(a)

In general— Section 132(f)(2) of the Internal Revenue Code of 1986 is amended—

(1)

by striking “$100” in subparagraph (A) and inserting “$245”,

(2)

by striking “$175” in subparagraph (B) and inserting “$245”, and

(3)

by striking the last sentence.

(b)

Inflation adjustment conforming amendments— Subparagraph (A) of section 132(f)(6) of the Internal Revenue Code of 1986 is amended—

(1)

by striking the last sentence,

(2)

by striking “1999” and inserting “2013”, and

(3)

by striking “1998” and inserting “2012”.

(c)

Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2013.

To amend the Internal Revenue Code of 1986 to equalize the exclusion from gross income of parking and transportation fringe benefits and to provide for a common cost-of-living adjustment, and for other purposes.