Senate panel approves hike in mass transit pretax contribution limit
Reprints
Employees would be able to make up to $250 a month in pretax contributions to pay for mass transit expenses through the end of 2016 under legislation approved by the Senate Finance Committee.
The higher mass transit contribution limit, which would be the same as the maximum contribution limit now allowed for parking expenses, would be retroactive to Jan. 1, 2015. Since Jan. 1, the maximum mass transit contribution limit has been $130 a month.
The provision is part of a broader measure that the committee approved Tuesday on a 20-3 vote.
The measure now heads to the full Senate.
Read Next
-
Maximum 2015 FSA contribution allowed increased to $2,550
The maximum contribution employees will be able to make to their flexible spending accounts will rise in 2015 by $50 to $2,550, while the maximum pretax contribution employees can make to cover mass transit expenses will be unchanged, the Internal Revenue Service announced Thursday.
