What is the official ID of this bill?
The official print number for this legislation is HR 3959.
One-Time Distributions from COVID-19 Commuter Benefits Accounts
This act allows for a one-time cash distribution from transportation fringe benefit accounts that employees accumulated for commuting. While these funds are typically tax-exempt, in this specific instance, they will be included in the employee's gross income for tax purposes. This aims to assist individuals who accrued commuting funds but couldn't use them due to the pandemic.
Key points
Allows a one-time cash payout of unused funds from transportation fringe benefit accounts (e.g., for transit passes, parking).
The distributed funds will be included in the employee's gross income and subject to taxation.
The payout must occur within 6 months of the act's enactment and cannot exceed the lesser of the account's highest balance since March 2020 or its current balance.
Status:
Expired
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