Tax Bill Great For Federal Employees

The tax hike bill President Obama signed yesterday has a goodie for federal employees. Their mass transit subsidy rises to $240 per month, retroactive to Jan. 1, 2012. Congress reduced the subsidy in 2011 to $125 per month, although at the time it raised the parking allowance to $240. Under the new law, employees can receive up to $240 pre-tax a month if they use subways, buses or commuter trains to get to work.