One-time distribution of unused commuter benefits from the COVID-19 period.
This Act allows employees a one-time withdrawal of funds from their transportation fringe benefit accounts that accumulated but remained unused during the COVID-19 pandemic. Citizens can recover money frozen between March 2020 and the end of 2023, but this amount will be included in their gross income and subject to taxation. The distribution must occur within 6 months of the Act's enactment.
Key points
Allows a one-time payment of unused funds from specified transportation fringe benefit accounts accumulated between March 13, 2020, and December 31, 2023.
The distributed amount will be included in the employee's gross income and will be subject to taxation.
The payment must be made within a 6-month period starting on the date the Act is enacted and cannot exceed the highest account balance during the specified pandemic period.
Status:
Expired
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