Inside a proposed Senate transportation bill is a provision that, if approved by Congress, would reverse cuts to the monthly pre-tax transit benefits available to workers who use public transportation and vanpools.
Max Baucus, D-Mont., chairman of the Senate Committee on Finance, signed off Tuesday on revisions to the Highway Investment, Job Creation and Economic Growth Act of 2012. The bill now includes Sen. Charles Schumer's amendment that would bring to parity the monthly amount that can be set aside tax-free for public transportation expenses and parking costs.
The law would set both amounts at a maximum of $240 per month each for 2012, and it's estimated it could save commuters annual costs of up to an additional $550.
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