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TREAS/IRS | RIN: 1545-BP14 | Publication ID: Fall 2019 |
Title: Determination of Maximum Fair Market Value of a Vehicle That May Use the Fleet-Average and Vehicle Cents-Per-Mile Valuation Rules for Income and Employment Tax Purposes | |
Abstract:
Sections 1.61-21(d) and (e) provide special valuation rules for employers to use in determining the amount to include in employee income for personal use of employer-provided vehicles. However, employers can only use these rules for vehicles with fair market values that do not exceed a certain amount. Consistent with changes made to the Code by section 13202(a)(1) of the Tax Cuts and Jobs Act, Pub. L. 115-97), these regulations increase the maximum fair market value of a vehicle that can use the section 1.61-21(d) and (e) special valuation rules for 2018 and subsequent years. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Other | |
CFR Citation: 26 CFR 1.61-21(d) and (e) | |
Legal Authority: 26 U.S.C. 7805 26 U.S.C. 61 |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-101378-19 (NPRM) Drafting attorney: Gabriel Minc (202) 317-6175 Reviewing attorney: Lynne Camillo (202) 317-4769 Treasury attorney: Amber Salotto (202) 622-6707 CC:EEE | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Gabriel J. Minc Attorney-Advisor Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Room 4010, Washington, DC 20224 Phone:202 317-4774 Email: gabriel.j.minc@irscounsel.treas.gov |