CUSTOMER NOTICE
PEARL STREET PARKING
Beginning September 1, 2022, new parking fees will take effect at the Pearl Street Parking Facility, as follows:
IF YOUR COMMUTER BENEFIT PROVIDER IS SENDING PAYMENT ON YOUR BEHALF, please contact the provider as soon as possible to change to the new rate.
COMMUTER TAX BENEFITS
Save up to $900 on Your Commute
transit commuting costs and parking while reducing your federal taxable income. The Federal Government currently allows a pre-tax commuter benefit of $280 per month. That means you could save up to $900/year by not paying federal income tax on that salary.
Governor Phil Murphy signed a bill into law requiring New Jersey employers of at least 20 employees to offer a pre-tax
transportation fringe benefit to employees (who are not currently in a collective bargaining agreement) beginning March 1, 2020.
Save Even More on Parking
If you need to pay for parking in order to make your transit connection, the parking fees can be funded with pre-tax dollars up to
an additional $280 per month.
What Do You Need to Do?
Check with your employer to see if they already offer a commuter tax benefit. You may want to start with the Benefits
Department, your Payroll contact or Human Resources Department. They will help you figure out if the benefit is already offered
to employees. Keep in mind: the only way to access pre-tax salary is through your employer. Once you take home your
paycheck, you have paid income tax on that salary. The pre-tax transit benefit is not a year-end deduction; it consists of payroll
deductions throughout the year.
What Do Employers Need to Do?
To take advantage of these tax savings, your employer needs to opt-in to either the NJ TRANSIT Bulk Sales program or one of the programs offered by a third party provider, like Beniversal/eTRAC, Commuter Benefit Solutions, RideECO (Delaware Valley Regional Planning Commission), TotalBen, TranBen, or TransitChek by WageWorks. In addition to these programs, payroll service companies like ADP, offer a transit pre-tax benefit option. A common name for the benefit is "commuter tax benefit".
For additional parking information, please contact Nexus Parking Systems at (866) 220-2299
