Could Your Business Benefit?
It's the time of year when everyone has one thing on their minds: taxes. You thought I was going to say football, right?
There could be a tax credit that your company isn't taking advantage of called the Maryland Commuter Tax Credit.
If your company or organization offered a qualified commuter benefit in 2017, you could claim either 50% of the cost of providing the benefit, or $100 per month for each employee taking the benefit! Please note that "offering a commuter benefit" is defined as the business paying "a portion of the cost of travel between the employee's home and the workplace."
Examples of qualified commuter benefits are:
- The purchase of transit fare cards
- The employer-paid portion to provide a “Guaranteed Ride Home” program
- A parking “Cash-Out” program
- The employer-paid portion of a vanpool service.
If your business or organization provided one of these benefits to employees in 2017, go ahead and claim the credit by filling out "Part M" of Maryland Form 500CR (Maryland Business Income Tax Credits). Non-Profits can attach a Maryland Form 508CR to their Annual Employer Withholding Reconciliation Return (MW508).
If you have other questions, please contact
Susanna Parker at (301) 656-0868 ext. 126.
