Don’t Lose Your Transit Benefit
If you’re a multi-modal commuter, your transit benefit is about to be cut in half unless you act now. The law that brought the monthly transit payroll deduction in line with the pre-existing $230 parking deduction, is due to expire in January. From Transportation for America:
Come January, if you spend more than $120 a month on your commute in a vanpool, train or bus, the federal government will be sending a message loud and clear: they’d like you to start driving to work, where you can get $230 for parking deducted from your paycheck tax free.
A provision in the stimulus bill increased the transit benefit from $120 to $230, finally putting it on equal footing with the $230 parking benefit and extending this great benefit to everyone, whether they drive or take transit each day. But that provision is about to expire unless Congress votes to extend it during their December session.
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3 Responses to “Don’t Lose Your Transit Benefit”
Or, they could reduce the monthly tax deductible parking benefit to $120 as well. You know, tough times all over..
That’s kinda what I’m thinking. I’m not too fussed about getting my deduction if I know that no one else is getting one, too.
Let’s not have any more talk about fiscal responsibility until we stop playing footsies with our favorite people/programs.
I hate it when temporary tax cuts expring are called “tax hikes.” No, it’s just going back to how it was before.
And I agree with Fergie348–let’s stop the giveway to driving commuters (and I say that as someone who primarily drives).