Section 1 Short title
This Act may be cited as the “Highway Restoration Act of 2017”.
Highway Restoration Act of 2017
A BILL
To amend the Internal Revenue Code of 1986 to phaseout the Mass Transit Account.
Sec. 2 Phaseout of Mass Transit Account
In general— Section 9503(e) of the Internal Revenue Code of 1986 is amended by adding at the end the following:
“(6) Phaseout—In the case of fiscal years beginning after September 30, 2017, each rate determined under paragraph (2) shall be the applicable percentage of such rate. For purposes of the preceding sentence, the applicable percentage shall be determined under the following table:”
Conforming amendment— Section 9503(e)(5)(A) of the Internal Revenue Code of 1986 is amended is amended by striking “paragraph (2)” and inserting “paragraphs (2) and (6)”.
Effective date— The amendments made by this section shall apply to years beginning after September 30, 2017.