Saturday, November 27, 2010

SmartBenefits® Commuters Could Lose More Than $1,300 in Transit Benefits

According to METRO, the Washington Metropolitan Area Transit Authority, SmartBenefits® commuters could lose more than $1,300 a year in transit benefits, beginning Jan. 1, 2011, when two federally required changes become effective:
  • The maximum transit benefit allowed by federal law will drop from $230 to $120.
  • Customers will no longer be able to use their transit and parking benefits interchangeably as Metro begins to phase in an IRS mandate that requires a separation of the two accounts for individuals.

In the National Capital Region, 285,000 employees currently receive transit benefits. At least 90,000 of these Metro commuters receive more than $120 per month. The increase in the benefit was originally provided through a provision of the federal American Recovery and Reinvestment Act that will expire on Dec. 31.

When the law expires, commuters who drive will continue to take advantage of a maximum allowable parking benefit of $230 per month, while transit riders will be limited to $120 per month.

  For the latest Loudoun County traffic news and information, subscribe to Loudoun County Traffic via your favorite RSS reader, or get Loudoun County Traffic by e-mail.

No comments:

Post a Comment