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Vanpool, Bus and Train Tax Savings
Attention: Effective January 1, 2012 the Commuter Tax Benefit for vanpooling and public transit has been reduced to $125.00 per month. The bicycling benefit remains unchanged at a maximum of $20.00 per month. Additional details are available in IRS Publication 15-B.
$230 per month pre-tax payroll deduction
It pays to share the ride! On March 1, 2009, the Federal Stimulus Act raised the pre-tax payroll deduction for transit and vanpool riders to $230 per month, up from $120 in January 2009. You can now apply up to $230 a month toward your bus, rail, or vanpool costs. As defined by IRS Code Section 132(f) (Qualified Transportation Fringe Benefits), your employer can provide this benefit directly (by purchasing bus or rail passes or sponsoring vanpools), offer a pre-tax payroll deduction for qualified commute expenses, or a combination of the two.
Bicycle commuters can receive up to a $20 reimbursement for each qualified bicycle commuting month each year (up to $240 each year), which can be applied toward the purchase of a bicycle as well as bicycle improvements, repair, and storage.