MARC Commuters Could Benefit from 'Fiscal Cliff' Deal
A provision of the deal to avert the fiscal cliff restores a public transit subsidy to as much as $240 monthly.
Amidst the fine print of the deal to avert the “fiscal cliff” is a provision that could save MARC commuters a chunk of change.
The Washington Post reports that Congress has tweaked a portion of the tax code in order to give people an incentive to take mass transit. Employers can now cover up to $240 per month in commuting benefits tax-free, or offer a pre-tax payroll benefit.
This benefit was in place as part of the stimulus bill until the end of 2011, when it was allowed to lapse and dropped back down to $125 monthly. The “fiscal cliff” deal restores the benefit to that higher level.
The Post suggests that this change could encourage higher usage of public transit, because a tax-free benefit to those who drove and parked had remained at $240. Now, the two benefits are equal.
A $240 reimbursement could be especially helpful to those MARC riders who purchased the TransitLink pass, which includes unlimited monthly MARC and Metro rides for $233.
Of course, it is still up to companies to offer the benefit to their workers, so check to see what your employer offers.
McGibblets
4:01 pm on Wednesday, January 2, 2013
I'm sure they'll benefit greatly from the extra 2% they are getting docked from their pay as well....
radarradar
8:14 am on Thursday, January 3, 2013
Oh, this is only the beginning of it. The sucking sound you hear is the money leaving our paychecks, bit by bit...
Edward Charles
7:30 am on Thursday, January 3, 2013
Farewell 112th Congress. Miss you we shall not!