Section 1. Short title
This Act may be cited as the No Tax on Length of Service Award Programs Act or the No Tax on LOSAP Act.
(a) In general
Section 139B(c)(2)(B) of the Internal Revenue Code of 1986 is amended by striking $50 and inserting $1,000.
(b) Effective date
The amendment made by this section shall apply to amounts awarded after the date of the enactment of this Act.
(a) Clarification
Section 139B(c)(2)(A) of such Code is amended by inserting, and including payments under any length of service award program after (whether reimbursement or otherwise.
(b) Effective date
The amendment made by this section shall apply to amounts awarded after the date of the enactment of this Act.