Friday, March 13, 2020

NEW JERSEY COMMUTER BENEFITS takes effect

New Jersey Commuter Benefits: Effective March 1, 2020, New Jersey employers with at least 20 employees will be required to offer a pre-tax transportation fringe benefit to employees who are not subject to a collective bargaining agreement. TaxFree commuter benefits can be structured as an employee-funded tax-free payroll deduction; as an employer-funded benefit; or the costs can be shared by the employer and employee. This transportation fringe benefit allows an employee to set aside funds from their paycheck on a pre-tax basis. The employee can then purchase eligible transportation services, including transit passes and commuter highway vehicle travel or for parking fees.
Currently an employee is allowed to use $270. for commuter benefits plus an additional 4270. for parking if the commuter uses both.

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