Congress Increases Transit Benefit to $245.00 Per Month for 2013
January 02, 2013
When the “American Taxpayer Relief Act of 2012” is signed into law, the tax-free transit benefit monthly maximum will increase to $245.00 per month. In the bill, Congress voted to re-establish transit benefit parity with the parking benefit. Since the 2013 tax-free maximum for the parking benefit is $245.00 per month, transit benefits will increase for the 2013 calendar year to $245.00 per month, maximum.
The full version of the “American Taxpayer Relief Act of 2012” can be found here. The applicable language is found in section 203 and states:
“SEC. 203. Extension of Parity for Exclusion from Income for Employer-Providd Mass Transit and Parking Benefits.
(a) IN GENERAL.—Paragraph (2) of section 132(f) is amended by striking ‘‘January 1, 2012’’ and inserting ‘‘January 1, 2014’’.
(b) EFFECTIVE DATE.—The amendment made by this section shall apply to months after December 31, 2011.”
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