President Obama Signs Tax Bill - Includes Extension of Transit-Parity Rules

12/17/2010

President Obama signed into law this afternoon the new tax bill that included the extension of the transit-parking parity rules for another year. For 2011, the parking and the mass transit limit will now be $230 per month. The extension of the parity rules begins to apply January 1, 2011.

We understand the difficulty placed on you and your employees due to the late passage of the extension. Many of you have already completed the election and enrollment process for mass transit purchases under the assumption the maximum would revert back to the $120 level.

Due to the timing of the passage of the extension, employees will be eligible to make their transit purchases up to $230 beginning with their February pass. Employees can start logging in to purchase their February passes beginning January 1, making sure to complete their purchase by January 10, (January 4 for Long Island Rail Road and Metro North Railroad), the deadline for February pass purchases. 

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