Employers offering mass transit benefits should make note of recent changes to the allotted amount employees can take out pre-tax, a provision included in the Tax Increase Prevention Act of 2014 which was signed by President Barack Obama on Dec. 19.
The rule puts in place a transit parity provision, which would provide additional tax relief for employees who take advantage of transit fringe benefits a type of tax-free income offered to employees in an effort to reduce commuting costs.
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