Did you ever think about that football field size parking lot your employer provides you to park your car during work? Every parking space is >100 square feet of lost opportunity for commercial, residential or open space. This TIME magazine article by Bryan Walsh on why Congress is screwing public transit users. The recent reduction of the Commuter Tax Benefit has stirred debate from transportation officials and policy makers.
Under the US Internal Revenue Code section 132(a), the qualified transportation benefits is one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income. The two types of qualified transportation benefits are (1) transit passes and van pooling ($130/mo beginning 1/1/2014) and (2) parking (up to $250/mo). Bike commuters can also be reimbursed for certain expenses (up to $20/mo).
Every parking space is a lost opportunity for commercial, residential or open space – Paul Steinberg