American Taxpayer Relief Act of 2012 Increases Monthly Mass
Transit Limit to $240
The
American Taxpayer Relief Act of 2012 which was signed into law late
Tuesday allows employees who use mass transit to commute to and from
their place of business to pay for their mass transit costs up to $240
per month on a pre-tax basis. The former limit was $125 per month.
Employees can amend their election at any time, subject to their
individual plan provisions. The
Harrison Group will provide you with further clarification
when additional information is made available on this and a number of
tax provisions designed to avert the “fiscal cliff.”
As always, The
Harrison Group will continue to keep you informed on new
legislative developments, and if you have any further questions or need
additional information, please call THG’s President, Rich
Miller at 610-853-9075
or e-mail rmiller@theharrisongrouponline.com.
