TRANSPORTATION BENEFIT

TRANSPORTATION FRINGE BENEFIT LIMITS

 

The IRS issued final regulations on “qualified transportation fringe benefits” under Code Section 132. These benefits include employer-provided mass transit passes, reimbursement for parking and employer-provided transportation in a “commuter highway vehicle” (vanpools). The statutory income exclusion limit for qualified parking – parking provided to an employee at or near the employer’s business premises– is $240 per month for 2012 (increased from $230 in 2011). The combined income exclusion limit for transit passes and vanpooling is decreasing to $125 per month (from $230 in 2011).


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