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.

This bill denies a tax exclusion for qualified parking fringe benefits unless employers providing such benefits offer their employees the option to receive, in lieu of the parking benefit, the fair market value of the parking (e.g., an equivalent cash benefit or alternative tax-exempt fringe benefit).