Parking Cash-Out Act: Cash Option for Employee Parking Benefits
This new act changes tax rules for employee parking benefits. Employers providing free parking must now offer employees the option to receive an equivalent cash benefit or another tax-exempt benefit instead. This aims to give employees more flexibility and potentially encourage alternative commuting methods.
Key points
Employers offering free parking must provide an option for an equivalent cash benefit or alternative tax-exempt benefit.
Changes apply to taxable years beginning after December 31, 2023.
Employees gain more choice between a parking spot and a cash equivalent.
Expired
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