Good News: Monthly Transit Benefit Exclusion for 2015

[BizCT]

Last week President Obama signed the Protecting Americans From Tax Hikes Act of 2015 (PATH Act), which ,among other things, retroactively increases the maximum monthly tax-free benefit employees can receive for mass transit benefits. This Act increased the monthly transit benefit exclusion from $130 per participating employee to $250 for the period of January 1, 2015, through December 31, 2015.

 

Refunds for 2015 will be issued early in Jan. 2016.

 

The monthly transit benefit exclusion for 2016 is $255.00

 

 

 

Edited December 30, 2015 by Biz-R-OWorld

[philoshop]

Sounds like a win for ya'.

The only bus in my neighborhood is a school bus, and I don't think they'd pull my tool trailer to the jobsite for me.

[BizCT]

Sounds like a win for ya'.

The only bus in my neighborhood is a school bus, and I don't think they'd pull my tool trailer to the jobsite for me.

 

Yea, will be $1,500 difference pre-tax next year.