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Distributed December 29, 2014
Legislation Impacts Monthly Transit Limit for 2014
On December 19, 2014, President Obama signed the Tax Increase Prevention Act of 2014 (TIPA) into law. This legislation impacts the monthly pre-tax transit limit, which has been retroactively increased from $130 to $250 for the entire 2014 calendar year (January 1, 2014 through December 31, 2014). For the 2015 calendar year, the monthly pre-tax limit for transit benefits reverts back to $130, unless further legislation is passed.
The current monthly limit for pre-tax parking benefits of $250 remains the same for 2014 and will continue throughout 2015.
CONEXIS is currently awaiting guidance from the IRS on how to implement the retroactive increase, and we will provide additional details as soon as the IRS releases the process. For further information, please see the full TIPA legislation posted at www.congress.gov.
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