Transit & Parking Pre-Tax Limits 2016: The IRS released new tax rates and indexing for the 2016 tax year. The monthly pre-tax limit for transit remains at $130, but the pre-tax limit for parking is increased from $250 to $255 for tax year 2016. A copy of the IRS notice is here: https://www.irs.gov/pub/irs-news/IR-15-119.pdf. The website will be updated to reflect the 2016 limits. Employees will need to increase their monthly parking allotment to take advantage of the additional tax savings.
- Transit: $130 (no change from 2015)
- Parking: $255 (increased by $5)