TMA DELAWARE Member
Membership Information
CONTACT TMATax Benefits
Effective January 1, 2007 - There is an increase in qualified parking exclusion and no change to commuter transportation benefit. For 2007, the monthly exclusion for qualified parking increases to $215 and the monthly exclusion for commuter highway vehicle transportation and transit passes remains at $110.
TMA Delaware encourages all Delaware employers to offer this valued employee benefit. Depending on business resources and personal choice, employers are encouraged to use the regional voucher program, TransitChek, or the nationwide, commuter benefits solution provider, WageWorks, to administer the benefit. TMA members can also utilize the TMA for distribution of transit tickets to your employees.
Please call the TMA Delaware office at (302) 658-9001 for information.
TMA Delaware is consistently the "watch dog" for our members on new legislation and tax laws. We assure our members take advantage of programs and meet its requirements. By becoming a member, businesses can find assistance in implementing many tax programs from which you can profit, reward present employees, and attract new employees.
Bottom line, you earn tax benefits when you encourage and help your employees commute using alternative transportation, including carpooling, vanpooling and transit.
"T21 Compensation Plus" - give employees up to $110/month as a fringe benefit to commute via transit or up to $215/month parking and the employer gets a tax deduction and savings on payroll taxes that would be paid as a taxable fringe benefit.
"T21 Set Aside Plus" - let employees set aside up to $110/month of pre-tax income to pay for transit costs or up to $215/month for parking and save on payroll taxes that would be paid on income
"T21 Combination Plus" - have the employee share the cost of commuting via transit, up to $110/month or up to $215/month for parking, with the employer, and share the tax credits above
Welfare-to-Work Tax Credit - hire long-term welfare recipients and qualify for as much as an $8,500 tax credit per new hire
TRAVELINK - The Travelink program allows employers with Department-approved transportation plans to qualify for tax credits against certain state corporate taxes
For information on DelDOT's Travelink program visit the State of Delaware Code Online at www.state.de.us/legal.htm. The Travelink program is described in the Title 30 State Tax sections of 2030 to 2037.
Specific tax law information about the "T21" tax credit programs can be found in Section 132 of the IRS code and in the IRS's Business Expenses Publication No. 535 which is available on the web at www.irs.ustreas.gov.