PUBLIC LAW 99-44—MAY 24, 1985
99 STAT. 77
Public Law 99-44 99th Congress An Act To amend the Internal Revenue Code of 1954 to repeal the contemporaneous recordkeeping requirements added by the Tax Reform Act of 1984, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
j^^y 24 1935 [H.R. 1869]
SECTION 1. REPEAL OF CONTEMPORANEOUS RECORDKEEPING REQUIREMENTS, ETC. (a) CONTEMPORANEOUS RECORDKEEPING REQUIREMENTS.—Subsec-
tion (d) of section 274 of the Internal Revenue Code of 1954 (relating to substantiation requirements for certain deductions and credits) is amended by striking out "adequate contemporaneous records" and inserting in lieu thereof "adequate records or by sufficient evidence corroborating the taxpayer's own statement, and the Internal Revenue Code of 1954 shall be applied and administered as if the word "contemporaneous" had not been added to such subsection (d).
98 Stat. 718. 26 USC 274. 26 USC 274 note. 26 USC 1 et seq.
(b) PROVISIONS RELATING TO RETURN PREPARERS AND NEGLIGENCE
PENALTY.—Paragraphs (2) and (3) of section 179(b) of the Tax Reform Act of 1984 are hereby repealed, and the Internal Revenue Code of 98 Stat. 713. 1954 shall be applied and administered as if such paragraphs (and ^6 USC 6695, the amendments made by such paragraphs) had not been enacted. 26 USC 6653 (c) REPEAL OF REGULATIONS.—Regulations issued before the date of note. the enactment of this Act to carry out the amendments made by 26 USC 274 note. paragraphs (1)(C), (2), and (3) of section 179(b) of the Tax Reform Act of 1984 shall have no force and effect. SEC. 2. SUBSTANTIATION REQUIREMENTS NOT TO APPLY TO CERTAIN VEHICLES WITH LITTLE PERSONAL USE. (a) IN GENERAL.—Subsection (d) of section 274 of the Internal Revenue Code of 1954 (relating to substantiation required) is 26 USC 274. amended by adding at the end thereof the following new sentence: "This subsection shall not apply to any qualified nonpersonal use vehicle (as defined in subsection (i))." (b) QUALIFIED NONPERSONAL USE VEHICLE DEFINED.—Section 274
of such Code is amended by redesignating subsection (i) as subsection (j) and by inserting after subsection (h) the following new subsection: "(i) QUALIFIED NONPERSONAL U S E VEHICLE.—For purposes of subsection (d), the term 'qualified nonpersonal use vehicle' means any vehicle which, by reason of its nature, is not likely to be used more than a de minimis amount for personal purposes." SEC. 3. EXEMPTION FROM REQUIRED INCOME TAX WITHHOLDING FOR CERTAIN FRINGE BENEFITS. Section 3402 of the Internal Revenue Code of 1954 (relating to income tax collected at source) is amended by adding at the end thereof the following new subsection: "(s) EXEMPTION FROM WITHHOLDING FOR ANY VEHICLE FRINGE BENEFIT.—
26 USC 3402. i^^^