‘Fiscal cliff’ deal increases public transit commuter benefit
(MCT) — CHICAGO — A provision included in new federal “fiscal cliff” legislation allows many public transit riders to shield up to $240 a month in work-related commuting costs from their taxable income, officials said Wednesday.
The change increases the public transit commuter benefit for eligible employees whose companies participate in the program from $125 a month to $240 a month. It is now on par with the $240 a month pre-tax parking benefit.
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