Wednesday, March 4, 2009

Federal Legislation Increased the Transit Benefit

If you use the Metro any at all, here's information that may be of interest.

Employers and employees will notice that the transit benefit allowance increased to $230 a month beginning March 1, thanks to the recently-enacted economic stimulus package that raises the tax-free or pre-tax transit benefit for workers from $120 a month. The new federal legislation enables employers to offer their employees up to $230 a month, or $2,760 a year, in public transportation benefits, or allows an employee to receive the transit benefit as a pre-tax payroll deduction, or some combination of the two.

According to Metro, approximately 400 federal agencies and 4,000 private employers participate in the SmartBenefits® program. Their participation provides transit benefits to more than 189,000 employees in the region.

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