What does QTFB stand for?

Qualified bicycle commuting reimbursements are excluded from tax in 2009 as qualified transportation fringe benefits.

Bicycle Commuting Reimbursement Effective January 1, 2009, expenses incurred by an employee in using a bicycle for travel between home and work can be reimbursed tax free by the employer as a qualified transportation fringe benefit.

The Ordinance adds yet another (and sometimes conflicting) layer to subsidized employee commuting benefits that are already provided for under federal tax law as Qualified Transportation Fringe Benefits (QTFB).

Accor Services USA, leader in innovative employee benefits solutions and premier provider of national commuter benefit programs with its Commuter Check([R])and WiredCommute([R]) programs, today announced the availability of its new Commuter Check Card Prepaid MasterCard[R], a new prepaid card commuters can use in accordance with the Qualified Transportation Fringe Benefit (IRS Tax Code Section 132(f)) to pay for commuting and commute-related parking expenses.

Qualified Transportation Fringe Benefit Effective March 1, 2009 The ARRA also contains an adjustment of the maximum dollar amount permitted for certain commuting expenses under a qualified transportation fringe benefits plan.

Qualified transportation fringe benefit increase: The act increased the excludible amount of a qualified transportation fringe benefit from $120 to $230 per month (the same as the qualified parking amount) (Sec.

Employers now may distribute transit passes (valued at $65 per month for 2001), as qualified transportation fringe benefits, for more than one month without negating the tax-free status of the passes.

This is welcome news, because for years employers have struggled with the uncertainties associated with administering qualified transportation fringe benefit plans, on a "salary reduction basis," without the benefit of adequate guidance.