Legal Alert: Qualified Transportation Benefit Increases

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The American Recovery and Reinvestment Act of 2009 (the "Act"), which was signed by President Obama on February 17, 2009, made many significant changes to the Internal Revenue Code (the "Code"), but one change that has so far attracted relatively little notice is a temporary increase in the amount that can be provided to employees tax free in the form of transit passes and/or vanpooling benefits under Code Section 132(f). Beginning with the month of March, 2009, and continuing through December, 2010, the monthly limit for transit passes and vanpooling benefits (combined) is equal to the monthly limit that applies to qualified parking expenses. This means that, for the remainder of 2009, that monthly limit is $230; before March 1, the monthly combined limit for transit passes and vanpooling benefits was $120.

Please see full alert for more information.

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Published In: Finance & Banking Updates, Labor & Employment Updates, Tax Updates, Transportation Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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