The American Taxpayer Relief Act of 2012, that is scheduled to be signed by President Obama today, includes a provision to increase the pre-tax Commuter Mass Transit benefit cap from $125.00 per month to $240.00.
The current commuter tax break is limited to $125.00 per month – the amount that’s been in place since the benefit expired in January 2012. The restored benefit will be retroactive to January 2012, although the detail of how the retroactive amounts will be claimed has not yet been determined. The current monthly pre-tax parking benefit of $240.00 remains unchanged.
Paypro will be monitoring this legislation closely and will publish updates as more information becomes available.