IRS Increases Qualified Fringe Benefit for 2012

For 2012, the monthly limit on the amount that may be excluded from an employee’s income for qualified parking benefits will be $240, which is a $10 increase over the 2011 limit. The temporary increase in the combined limit for transit passes and vanpooling expenses that was in effect for 2011 (which made the combined limit the same as the parking limit) has expired. Unless the increase is reinstated, the combined monthly limit for transit passes and vanpooling expenses will be $125 in 2012. We will inform you of any developments on these limits as we receive them.

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