Correction: TransitCenter, Inc. Corrects Finding of 2007 Commuter Impact Survey.Growth in Commuter Benefits Commuter benefits is the common description of what the Internal Revenue Service calls "Qualified Transportation Fringe Benefits" (QTFB) or Section 132(f). The [IRS Final Regulations on Qualified Transportation Fringe Benefits] may be found at [1] in Major U.S. Markets Up 57% over Last Year NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- A press release issued Sept. 25, 2007 by TransitCenter, Inc., a nonprofit organization Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. that promotes the use of mass transit mass transit, public transportation systems designed to move large numbers of passengers. Types and Advantages Mass transit refers to municipal or regional public shared transportation, such as buses, streetcars, and ferries, open to all on a , included a data calculation error, having cited 132 percent growth in commuter benefits since last year. TransitCenter today announced a correction to that finding, that growth of commuter benefits among employers in major metropolitan areas increased instead by 57 percent this year, from 28 percent in 2006 to 44 percent in 2007. Other survey findings are unchanged. The 2007 Commuter Impact Survey was independently fielded to 245 U.S. human resource professionals across public, private, nonprofit and government organizations at the June 2007 Society for Human Resource Management  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . (SHRM SHRM Society for Human Resource Management SHRM Saw Horse Roof Mount (construction) ) Annual Conference & Exposition as well as online. Among the findings: * Deployment of tax-free commuter benefits by U.S. employers in major metro U.S. markets has grown 57 percent in the last year, from 28 percent in 2006 to 44 percent in 2007. * Among all employers surveyed, commuter benefits are the number-one planned addition to benefits packages in the next year, with 17 percent of employers saying they intend to implement this pre-tax program. * Among all employers surveyed, nearly two-thirds of employers say they have developed initiatives to support the environment and curb global warming global warming, the gradual increase of the temperature of the earth's lower atmosphere as a result of the increase in greenhouse gases since the Industrial Revolution. , pointing to commuter benefits as the leading way they are responding: * 28 percent offer commuter benefits specifically as a means to encourage the use of mass transit * 22 percent currently partner with a green organization * 20 percent have established an internal policy for energy conservation * 20 percent are developing products and services that are not detrimental to the environment * 19 percent are teaching employees how to use less energy * 17 percent are pursuing a greener supply chain approach About Tax-Free Commuter Benefits Since 1993, employers have been able to offer employees a tax-free benefit for commuting by transit and eligible vanpools or to pay for commuter parking primarily at transit or ridesharing ride·shar·ing n. The act or an instance of sharing motor vehicle transportation with another or others, especially among commuters. ride locations under IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. tax code section 132(f). Tax-free commuter benefits can be structured as an employee-funded tax-free payroll deduction; as an employer-funded benefit; or the costs can be shared by employer and employee. The benefit can be delivered in the form of transit provider-specific passes, universally accepted vouchers and terminal-restricted debit cards, or through a reimbursement model under specific conditions defined by the IRS. Current IRS limits allow for participants to set aside up to $110 a month tax-free to pay for transit and vanpool van·pool n. An arrangement by which commuters travel together in a van. tr. & intr.v. van·pooled, van·pool·ing, van·pools To transport or be transported in a vanpool. commuting costs, and up to $215 for commuter parking. About TransitCenter A nonprofit corporation nonprofit corporation n. an organization incorporated under state laws and approved by both the state's Secretary of State and its taxing authority as operating for educational, charitable, social, religious, civic or humanitarian purposes. , TransitCenter specializes in tax-free commuter benefits, transit information and assistance for employers and commuters nationwide. TransitCenter introduced the nation's first tax-free commuter benefits program in 1987 to encourage more people to use mass transit to protect the environment, preserve natural resources and improve the quality of life where people work and live. Today, more than 11,000 employers and 500,000 employees participate in TransitCenter's TransitChek commuter benefits programs as a convenient, money-saving way to pay for commuting. For 20 years, TransitCenter has worked hand-in-hand with transit providers, communities and employers to make mass transit more accessible. Independent since 2001, TransitCenter was founded in 1986 as a joint alliance of leading public transit providers. A deep heritage in transit drives TransitCenter's continued commitment to bringing new innovations to employers and transit riders that participate in TransitChek tax-free commuter benefits programs. Learn more by visiting www.transitcenter.com. |
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