To amend the Internal Revenue Code of 1986 to stipulate that a parking benefit is not a qualified parking fringe benefit unless an employer offers employees the option to receive an equivalent cash benefit or alternative tax-exempt benefit in lieu of the parking benefit.

H.R. 8555 · 117th Congress · Jul 28, 2022 · Lineage

A BILL

Section 1 Option for cash benefit required

(a)

In general— Section 132(f)(5)(C) is amended by striking “or by carpool.” and inserting “or by carpool if the employer offers the employee the option to receive, in lieu of the qualified parking, the fair market value of the parking.”

(b)

Effective date— The amendment made by this section shall apply to taxable years beginning after December 31, 2022.

To amend the Internal Revenue Code of 1986 to stipulate that a parking benefit is not a qualified parking fringe benefit unless an employer offers employees the option to receive an equivalent cash benefit or alternative tax-exempt benefit in lieu of the parking benefit.

Section 1 Option for cash benefit required

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