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Pre-Tax Parking Deduction Plan

Effective January 1, 2012, Internal Revenue Service (IRS) Code Section 132(f) limits the amount of qualified parking that may be excluded from an employee's taxable income to $240.00 per month for a pre-tax parking deduction. Therefore, any amount of parking deduction paid in excess of $240.00 will be paid with after-tax dollars. This limit may be adjusted annually to reflect cost of living increases.

   

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Last Updated: December 19, 2011


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