H.R. 9464, known as the “Supporting Transit Commutes Act,” aims to modify the Internal Revenue Code of 1986. This bill allows employers to deduct certain transportation fringe benefits, like transit passes or commuter highway vehicle passes, provided to employees. The...
Simple Explanation
H.R. 9464 is a bill that lets companies save money on taxes when they help pay for their employees' rides to work, like bus or train passes. It has some special rules about how much money can be saved, especially when employees use part of their salary for these benefits.