The American Taxpayer Relief Act of 2012 Pertaining to Transit & Parking Benefits

<span style=”font-family: Arial; font-size: small;”>The American Taxpayer Relief Act of 2012 that was signed into law included a provision to increase the transit benefit to $240 per month, re-instating the parity of pre-tax transit and parking benefits. The change, effective immediately, allows commuters on public transit to set aside $240 pre-tax monthly (an increase of $115 monthly), which is equal to the amount that commuters can set aside monthly for parking costs. The increase in the transit benefit is retroactive to January 1, 2012.</span>