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Stimulus Commuter Tax Benefit Increase Remains For 2011
December 21, 2010
The Commuter Tax Benefit program gives commuters the opportunity to pay for a portion of their commuting expenses with pre-tax dollars. This results in tax savings for Connecticut commuters and a reduced taxable payroll for Connecticut employers.For calendar year 2011, federal tax law will continue to allow commuters to set aside up to $230 a month ($2,760 per year) of their gross income before taxes to pay for mass transit and vanpool fares. Employees also can be reimbursed up to $20 per month for biking to work. Plus, commuters may set aside up to $230 per month for qualified parking. Your employees can save $800 or more on taxes each year, while you save on payroll taxes.
This maintains the increased benefits brought about by the American Recovery and Reinvestment Act of 2009 stimulus package, which nearly doubled the monthly maximum for commuters enrolled in employer-sponsored commuter benefit programs. This represents a huge victory for transit riders. Had this benefit not been maintained, it would have had the same impact as an 18 percent increase in fares.
Commuter tax incentive programs are making a difference to thousands of employees throughout the state. In addition, participating employees enjoy a less stressful commute while helping relieve congestion and reduce the environmental impact of driving alone to work.
The Commuter Tax Benefit program is supported as a commuter service of the Connecticut Department of Transportation. Connecticut Commuter Services representatives are available to assist employers by offering the following support services:
Development of the program (employee pre-tax deduction; or full or partial employer transportation subsidy); Marketing support, on-site promotion and employee enrollment; Informational brochures; Ongoing marketing.
To find out more or to get started, bhoberman@rideworks.com.
Member News is provided as a service of the Midstate Chamber of Commerce and is also featured in the monthly "Chamber News" newsletter mailed to members.
The “original publication date” of Member News articles posted on this web site reflects the date this article was added to the Chamber database and may not necessarily reflect the date such news events occurred.