On Friday, January 11, 2013, the Internal Revenue Service announced inflation adjustments for the 2013 tax year, which included items from the recently passed American Taxpayer Relief Act of 2012, which was signed into law last week. The provision to re-instate the parity of transit and parking benefits was included in the inflation adjustment. For 2013, the amount of pre-tax dollars that can be used to pay for Transit and/or Parking Benefits has increased to $245 per month.
The IRS monthly maximum reimbursement for parking and mass transit plans will be increased to $245 with an effective date of 01/01/2013. The monthly maximums for 2012 will not be changed. Any claims submitted for reimbursement with dates of service in 2012 will be subject to a $240 monthly maximum reimbursement. These changes will be in place on Monday, January 14, 2013.
Please contact Pro-Flex Administrators if you have additional questions.
