2012 Limits on Transportation Benefits Issued by IRS
December 18, 2011
The Internal Revenue Service (IRS) has issued a new set of limits that are designed to assist employees with their daily commutes.
The monthly limit on the amount of parking benefits that can be excluded from employees’ income for tax purposes will go up to $240, up from $230 in 2011.
Commuter Vehicles and Transit Passes
In 2011, the monthly benefit for those commuting in a highway vehicle/purchasing transit passes was $230. However, beginning in 2012, the amount drops to only $125 per month.