The Internal Revenue Service has announced the monthly limits on the value of qualified transportation benefits for employer-provided mass transit passes, transportation in commuter vehicles, and qualified parking for 2012 under IRC Sec. 132(f).
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Get Your Report Now!Commuter vehicles and transit passes. The temporary increase in the monthly limit on the value of qualified transportation benefits exclusion from gross income under the American Recovery and Reinvestment Act of 2009, better known as ARRA, has expired, so the exclusion reverts back to $125 per month for 2012.
Qualified parking. However, the exclusion limit on the value of qualified parking provided by an employer is up $10 from 2011 and rises to $240 for 2012.
Qualified bicycle commuting reimbursement limit. The applicable annual limitation for any employee for any calendar year is fixed at the product of $20 multiplied by the number of qualified bicycle commuting months during such year.
An employer may simultaneously provide an employee with one or more benefits.