Fiscal Cliff Deal Restores Transit Benefit

Legislation averting ‘fiscal-cliff’ (HR 8) included a provision that will once again re-establish parity between the parking and transit benefits at $240/month. The provision is effective immediately and is set to expire at the end of 2013.

A great deal of thanks needs to be expressed to all of those who supported this legislation on and off the hill, specifically the champions of the legislation, Congressman Jim McGovern (D-MA) and Senator Charles Schumer (D-NY).

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Through restoring the transit benefits like for an Tax-free commuter benefits only may be provided through employee-funded, pre-tax payroll deductions or employer-funded or partially funded benefits. Workers may spend the money on commuter rail, subway and bus transportation, eligible vanpools, and commuter-related parking. The change will affect all commuters whose employers offer transit benefits, not just federal employees. Now the fiscal cliff deal has restored the transit parity provision retroactively. Quick Books Expert Los Angeles

February 22, 2014 | Unregistered CommenterMiller Mathew

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