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Benefits: Pre-Tax Parking Fee Deduction

 

INTRODUCTION

The Pre-Tax Parking Fee Deduction Program allows employees the choice to payroll deduct their parking fees on a pre-tax basis.   Pre-tax payroll deductions reduce the taxable income. This allows our employees to realize savings in Federal Income Taxes, Social Security, and Medicare. Due to recent changes in Federal tax laws, up to $230, effective 1/2009, of personal parking expenses per month can be paid for on a pre-tax basis through this program.

PURPOSE

This plan recognizes the College's Pre-Tax Parking Fee Deduction Program in accordance with Section 132(f) of the Internal Revenue Code.  This plan excludes from taxable income amounts that are used to pay for parking. 

TO WHOM DOES THIS PLAN APPLY

This plan applies to all faculty, classified and exempt staff, and part time hourly employees who purchase College parking passes.  Eligible employees are automatically covered by the plan unless they elect to opt out of the plan in writing.  This plan does not apply to student employees. 

PLAN

The College will offer a Pre-Tax Parking Fee Deduction Program in accordance with IRS regulations that allows eligible employees to make payment for parking fees on a pre-tax basis through payroll deduction.  All employees who purchase College parking passes are automatically enrolled in the plan unless the employee opts out of the pre-tax deduction plan. All employees have been required to purchase a parking pass to park on campus.   Employees continue to be required to purchase a parking pass to park on campus; however, they will now have the option of making that purchase on a pre-tax bases or post-tax bases.

Federal tax law prohibits refunds of pre-tax qualified parking deductions.  Employees are not entitled to parking refunds upon termination of employment per IRS regulations.

An eligible employee may opt out of the plan and choose not to purchase a parking pass on a pre-tax basis.  Employees who opt out the Pre-Tax Parking Fee Deduction Program may purchase a parking pass on an after tax basis.

REFERENCES

  • 26 CFR Section 1.132.9    
    Code of Federal Regulations Qualified Transportation Fringe
  • IRC 132(f)  
    Qualified Transportation Fringes
  • IRS Publication 15-B    
    Employer's Guide to Fringe Benefits 

August 3, 2009