Before closing for the year, the 113th Congress passed legislation that comes with both good news & bad news for commuters:
Good news: The legislation extends over fifty tax provisions that expired at the end of 2013 and retroactively extends them for 2014. Included in these provisions is the transit benefit that will rise from $130/month to $250/month.
Bad news: The legislation does not extend these provisions into 2015.
What does this mean for commuters? Sadly, not very much. The action taken has no impact on 2015 and will not help the majority of commuters for 2014 unless they elected to withhold funds above the cap. Still, it is a step in the right direction in that the legislation recognizes the value of providing tax benefits to transit riders and at least the same level as drivers. More