November 7, 2013 – Limits for Transportation Plan Benefits Set for 2014
Last week the IRS released Revenue Procedure 2013-35, which contains cost-of-living adjustments for various tax-related amounts that are indexed for inflation. As indicated in this guidance, the limits on transportation plan fringe benefits in 2014 will be as follows:
- Qualified Parking: $250 per month
- Commuter highway vehicle and transit passes: $130 per month
Note, the reduced limit for commuter highway vehicles and transit passes reflects the fact that the law increasing the limit for those benefits to match the limit on qualified parking benefits will expire at the end of 2013. Congress has yet to act to further extend the law.
If you have any questions, please contact us.
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The information contained in this ALERT is intended for general information purposes only and does not constitute legal advice relative to a specific situation.