Qualified Transportation Fringe Benefit Limits to Increase


The IRS has released Revenue Procedure 2022-38, which includes cost-of living adjustments for employee qualified transportation fringe benefits for the 2023 taxable year, along with annually adjusted numbers for 2023 for other tax provisions. The combined monthly limit for transportation in a commuter highway vehicle and a transit pass will increase to $300 in 2023, up from the 2022 limit of $280. The monthly limit in 2023 for qualified parking will also increase to $300 from $280.