Transportation Benefit Exclusions for 2013

The Internal Revenue Service has announced annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012.

For taxable years beginning in 2013, the fringe benefit exclusion from income is set at $245 per month for transportation in a commuter highway vehicle and any transit pass. The monthly exclusion for qualified parking provided by an employer is also set at $245. Both figures are up from $240 in 2012.

Details on other tax changes