The COVID–19 Commuter Benefits Distribution Act (S. 5525) allows employees to take a one-time distribution from certain transportation fringe benefit accounts. This distribution is taxable and is available for up to six months after the Act is enacted. A "qualified payment"...
Simple Explanation
The COVID–19 Commuter Benefits Distribution Act lets people take out some money just once from special work accounts meant for travel costs, like bus or train tickets, and they have six months to do this after the law starts. The amount they can take out depends on how much money was in the account during a specific time in the past.