Section 1 Short title
This Act may be cited as the “Tax Relief for Bridge Tolls Act of 2020”.
Tax Relief for Bridge Tolls Act of 2020
A BILL
To amend the Internal Revenue Code of 1986 to allow a credit against tax for bridge tolls.
Sec. 2 Credit for bridge tolls
In general— Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 25D the following new section:
“25E. Credit for bridge tolls
“(a) Allowance of credit—In the case of an individual, there shall be allowed as a credit against the tax imposed by this chapter an amount equal to 50 percent of so much of the amount paid for bridge tolls during the taxable year as exceeds $1,000 (twice such amount in the case of a joint return).
“(b) Limitations
“(1) Income limit—The credit allowed under subsection (a) shall be reduced by $10 for each $100 by which the taxpayer’s adjusted gross income exceeds $150,000 (twice such amount in the case of a joint return).
“(2) Toll-based limit—No toll for a bridge the regular peak-hour tolls for which are less than $11.00 shall be taken into account under subsection (a).
“(c) Denial of double benefit—No credit shall be allowed under subsection (a) for any expense for which a deduction or credit is allowed under any other provision of this chapter.”
Clerical amendment— The table of sections for subpart A of part IV of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 25D the following new item:
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2020.