The Internal Revenue Service recently announced the annual inflation adjustments for tax year 2013, including the limits for Section 132 transportation plans and other changes from the recently passed American Taxpayer Relief Act (ATRA) of 2012.
For tax year 2013, the monthly fringe benefits exclusion for transit passes and transportation in a commuter highway vehicle (i.e. vanpool) is $245, up from $240 for tax year 2012. And because the ATRA provides transit parity throughout 2013, the monthly parking limit will be raised to $245 as well.
Normally, transportation plan limits are announced in October or November of the prior year. This year, however, the announcement was delayed by the “fiscal cliff” debate.
Details on this particular inflation adjustment—and others—are contained in IRS Revenue Procedure 2013-15.