HB6660: Parking Cash-Out Act of 2023
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
To amend the Internal Revenue Code of 1986 to stipulate that a parking benefit is not a qualified parking fringe benefit unless an employer offers employees the option to receive an equivalent cash benefit or alternative tax-exempt benefit in lieu of the parking benefit.
Plain-language summary
This bill would change tax rules for employer-paid parking benefits. Currently, employers can give employees free or discounted parking without counting it as taxable income. Under this bill, employers could only offer this tax benefit if they also let employees choose to take cash money instead or pick a different tax-free benefit. The bill would amend federal tax law. It was introduced in Congress but has not yet passed any .
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HB6660: Parking Cash-Out Act of 2023