2015 Qualified Transportation Fringe Benefits Update:
On Thursday, October 30, 2014, the Internal Revenue Service announced no changes to monthly limits on the value of qualified transportation fringe benefits that an employer can provide its employees without being included in taxable income. For 2015, the monthly limit on the amount that may be excluded from an employee’s income for qualified parking benefits remains $250. The combined monthly limit for transit passes and vanpooling expenses for 2015 is $130.
For Transportation benefits, Congress could yet extend the rule of parity to 2015 at the last minute (like they have done in previous years), making the transit limit equal to the parking limit. But at this point, the new limit is $130.
The monthly cap on the transportation fringe benefits are as follows:
- 2015 Parking: $250/month
- 2015 Transit/Vanpool: $130/month
You can read the full IRS release here: http://www.irs.gov/pub/irs-drop/rp-14-61.pdf