Jan 14, 2013

Fiscal Cliff Bill Causes Change in Exclusion for Transit Benefits

The American Taxpayer Relief Act of 2012 – also known as the “fiscal cliff bill”- retroactively extended an increase in the monthly exclusion for employer-provided commuter highway vehicle and transit benefits (“Transit Benefits”). As a result of this extension, for the 2013 tax year, the exclusion for Transit Benefits will be the same as the exclusion for qualified parking benefits -$245. For an updated copy of our chart of the IRS Annual Cost-of-Living Adjustments Employee Benefit Plan Limitations for 2013, please click here.

For more information on these cost-of-living adjustments, contact your SGR Executive Compensation and Employee Benefits Counsel.

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