If you're using the National Capital Region (NCR) Mass Transit Benefit Program (MTBP), then plan to pay more money out of your pocket since the benefits go DOWN in January.
One of my coworkers received this email warning from MTBP. I'm not sure why I didn't receive it since I normally get the MTBP announcement emails, but here it is:
NOTICE: The maximum monthly statutory limit for transit benefits is set to decrease from $245 to $130 in 2014
Attention MTBP participants,
WHAT?
In January 2013, the American Taxpayer Relief Act of 2012 (H.R.8) temporarily raised the transit benefit statutory limit to $245 per month. This new amount was not intended to be permanent and expires at the end of 2013.
Unless a new statutory limit is approved by Congress, the statutory limit will decrease to $130 per month starting January 1, 2014. Source: IRS Revenue Procedures (rp-13-35)
Congress may still act to extend the limit above $130, but at this time agencies must proceed with what the law states as the maximum tax exempt mass transit subsidy limit. Any updates will be posted at the MTBP website ( http://www.whs.mil/MTBP/ )
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