26 U.S.C. § 4977 — Tax on certain fringe benefits provided by an employer
submitted 42 years ago by Pub. L. 98-369 to r/title-26-INTERNAL-REVENUE-CODE · 347 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
In the case of an employer to whom an election under this section applies for any calendar year, there is hereby imposed a tax for such calendar year equal to 30 percent of the excess fringe benefits.
For purposes of subsection (a), the term “excess fringe benefits” means, with respect to any calendar year—
the aggregate value of the fringe benefits provided by the employer during the calendar year which were not includible in gross income under paragraphs (1) and (2) of section 132(a), over
1 percent of the aggregate amount of compensation—
which was paid by the employer during such calendar year to employees, and
was includible in gross income for purposes of chapter 1.
If—
an election under this section is in effect with respect to an employer for any calendar year, and
at all times on or after January 1, 1984, and before the close of the calendar year involved, substantially all of the employees of the employer were entitled to employee* discounts on goods or services provided by the employer in 1 line of business,
for purposes of paragraphs (1) and (2) of section 132(a) (but not for purposes of section 132(h)), all employees of any line of business of the employer which was in existence on January 1, 1984, shall be treated as employees of the line of business referred to in paragraph (2).
An election under this section shall apply to the calendar year for which made and all subsequent calendar years unless revoked by the employer.
All employees treated as employed by a single employer under subsection (b), (c), or (m) of section 414 shall be treated as employed by a single employer for purposes of this section.
Except as otherwise provided in regulations, this section shall apply only with respect to employment within the United States.
Source credit: (Added Pub. L. 98–369, div. A, title V, § 531(e)(1), July 18, 1984, 98 Stat. 885; amended Pub. L. 99–514, title XVIII, § 1853(c)(1), (2), Oct. 22, 1986, 100 Stat. 2871; Pub. L. 103–66, title XIII, § 13213(d)(3)(D), Aug. 10, 1993, 107 Stat. 474; Pub. L. 104–188, title I, § 1704(t)(66), Aug. 20, 1996, 110 Stat. 1890.)
- 1984Enacted · Pub. L. 98-369 · 98 Stat. 885
- 1986Amended · Pub. L. 99-514 · 100 Stat. 2871
- 1993Amended · Pub. L. 103-66 · 107 Stat. 474
- 1996Amended · Pub. L. 104-188 · 110 Stat. 1890
A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-369 on 1984-07-18.
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