Increased Transit and Vanpool Transportation Fringe Benefits
by Precept on Dec.28, 2009, under Taxation
The Recovery Act increased the monthly exclusion for employer-provided transit and vanpool benefits from $120 to $230 for March 1, 2009 through December 31, 2010. After 2010, the amounts will be adjusted for inflation.
If you currently pay more than $120 per month in qualified transportation costs, you may now increase your contribution to a pretax transportation account up to $230 per month. If you are not currently taking advantage of this benefit, now is a great time to start.
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