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New Jersey Tax Alert: Commuter Transportation Benefits

The New Jersey Division of Taxation has announced that the adjusted limit for employer-provided commuter transportation benefits excludable by an employee for New Jersey Gross Income Tax purposes pursuant to N.J. Rev. Stat. § 54A:6-23 is $3,240 for calendar year 2021.  This amount will increase to $3,360 for calendar year 2022. (N.J. Div. of Taxation, Commuter Transportation Benefit Limits, 01/25/2022.) Martin D. Hauptman, Chair of the ERISA and Employee Benefits Practice Group at Mandelbaum Barrett is available to answer any questions you have.

Read the full announcement here.