Congress passes Transit Benefits Increase to $230 per month; creates new $20 Bike Benefit
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The American Recovery and Reinvestment Act of 2009 raised the pretax payroll deduction for transit passes from $120 to $230 per month! This establishes parity with the parking benefits, under the Internal Revenue Coce Section 132(f)
Bottom Line: Starting in February 1, 2009, you may be able to set aside pre-tax dollars to pay for your public transportation pass, up to $230. Both you and your employer save on taxes, and your take home pay will rise accordingly.
Also new for January 1, 2009 is The Transportation Fringe benefit to Bicycle Commuters, added to Section 132 (f) of part of the October bailout legislation. This stand alone benefit is capped at $20 per month and may not be combined with parking or transportation
Contact your company's benefits provider or HR department to see if you may take the benefit of these new provision of Federal Tax law.
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Coming Soon
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The new EZRide Fleet, powered by natural gas, arrives early summer 2009
Take the MassCommuter Challenge during National Bike Week, once again this May 11-15. |
