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.S.A. 54A:6-23 is $2,940 for calendar year 2013.
Pursuant to N.J.S.A. 54A:7-2, employers shall include in an employee's gross wages on a W-2 or other written information statement the amount of commuter transportation benefits paid in 2013 exceeding $2,940. The threshold amounts for particular years are below. (See, also,
and N.J.A.C. 18:35-7.8.)
For tax years beginning in 1994 and ending no later than 12-31-07, pursuant to N.J.S.A. 27:26A-15, an employer that is a taxpayer subject to the Corporation Business Tax Act, Savings Institution Tax Act, Fire Insurance Tax, Marine Insurance Tax, Insurance Premiums Tax, Public Utility Franchise Tax, Public Utilities Gross Receipts Tax and Public Utility Excise Tax, or is a taxpayer in respect of a distributive share of partnership income under the New Jersey Gross Income Tax Act is allowed a credit or benefit against the applicable tax (or income in the case of the gross income tax) and which provides commuter transportation benefit as defined in N.J.S.A. 27:26A-3.
|
Year |
Business Taxes Set Forth
Above Credit |
Gross Income Tax Reduction
of Partnership Income |
| 1994 |
5%
of cost not to exceed $36 per employee participating |
71.5%
of cost not to exceed $515 per employee participating |
| 1995 |
10%
of cost not to exceed $72 per employee participating |
143%
of cost not to exceed $1,030 per employee participating |
| 1996 |
10%
of cost not to exceed $73 per employee participating |
143%
of cost not to exceed $1,056 per employee participating |
| 1997 |
10%
of cost not to exceed $100 per employee participating |
143%
of cost not to exceed $1,429 per employee participating |
| 1998 |
10%
of cost not to exceed $108 per employee participating |
143%
of cost not to exceed $1,543 per employee participating |
| 1999 |
10%
of cost not to exceed $109 per employee participating |
143%
of cost not to exceed $1,557 per employee participating |
| 2000 |
10%
of cost not to exceed $115 per employee participating |
143%
of cost not to exceed $1,642 per employee participating |
| 2001 |
10%
of cost not to exceed $118 per employee participating |
143%
of cost not to exceed $1,685 per employee participating |
| 2002 |
10%
of cost not to exceed $120 per employee participating |
157%
of cost not to exceed $1,884 per employee participating |
| 2003 |
10%
of cost not to exceed $124 per employee participating |
157%
of cost not to exceed $1,947 per employee participating |
| 2004 |
10% of cost not to exceed $127 per employee participating |
157% of cost not to exceed $1,994 per employee participating |
| 2005 |
10% cost not to exceed $131 per employee participating |
157% of cost not to exceed $2,057 per employee participating |
| 2006 |
10% cost not to exceed $136 per employee participating |
157% of cost not to exceed $2,149 per employee participating |
| 2007 |
10% cost not to exceed $141 per employee participating |
157% of cost not to exceed $2,230 per employee participating |
