January 5, 2011

Qualified Transportation Limit Clarified

Shortly after last month’s Benefit Beat was published, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Public Law 111-312; enacted 12/17/10).   This law extends the mass transit benefit that was enhanced by the American Recovery and Reinvestment Act of 2009, through 2011. What this means is that the mass transit benefit amount mirrors the qualified parking amount through December 31, 2011. This was followed by an IRS pronouncement (Revenue Procedure 2011-12) which clarifies that the exclusion amount for transportation in a commuter highway vehicle, any transit pass, and parking for 2011 is $230.


The information contained in this Benefit Beat is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations.

As required by U.S. Treasury rules, we inform you that, unless expressly stated otherwise, any U.S. federal tax advice contained in this Benefit Beat is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service.

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