Tax break on mass transit passes stalls on tracks

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in Small Business Tax,Small Business Tax Deduction Strategies

We’re still waiting on new proposed legislation that would increase tax-free benefits of mass transit passes. The legislation, championed by Sen. Charles Schumer (D-NY), would restore a monthly cap of $240 on tax-free mass transit passes provided by an employer.

After 2011, this monthly benefit dropped to $125. If enacted, the tax break would likely be retroactive to Jan. 1, 2012.

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