Of course just when we are closing up for the holidays we get breaking news on H.R. 5771. President Obama has signed the bill that retroactively renews parity in transit and parking benefits back to January 1, 2014. As discussed in an earlier blog this month, the IRS will issue guidance on how to handle the taxes and Forms W-2. It will more than likely follow the same guidance they issued back in 2013 for 2012 when this happened last time.
2 thoughts on “Breaking News on Transit Passes”
Is this only for 2014? What would be the limit for 2015? Thanks.
The bill reads as follows:
SEC. 103. EXTENSION OF PARITY FOR EMPLOYER-PROVIDED MASS TRANSIT AND PARKING BENEFITS.
(a) In General- Paragraph (2) of section 132(f) is amended by striking `January 1, 2014′ and inserting `January 1, 2015′.
(b) Effective Date- The amendment made by this section shall apply to months after December 31, 2013.
Which appears to mean that we go back to the amount announced by the IRS for 2015 which was $130. Unless the IRS says otherwise that is what I am going with at this point.