January 2, 2013

Fiscal cliff deal includes transit tax break

The fiscal cliff deal extends pre-tax benefits for transit commuters on par with parking benefits. This means $550 and up a year in tax savings per commuter, retroactive to 2012, reported Forbes.

An estimated 2.7 million families will benefit from the tax break. The provision, which allows commuters to put away $240 in pre-tax salary for to use for transit, was first effective in 2009 but expired at the end of 2011. To read the full story, click here.

To read additional reporting from Greater Greater Washington, click here.

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