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The TCJA: a. Eliminates employer deductions for the cost of providing qualified employee transportation fringe benefits:...

The TCJA: a. Eliminates employer deductions for the cost of providing qualified employee transportation fringe benefits: parking allowances, mass transit passes and van pooling, b. Retains fully taxable treatment for employees who receive qualified transportation fringe benefits, c. Makes no changes to the deductibility of business interest expense, d. Creates a new tax free employee benefit of up to $250 per month for employer paid bicycle commuting allowances.

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Option-(a): Eliminates employer deductions for the cost of providing qualified employee transportation fringe benefits: parking allowances, mass transit passes and van pooling. Reason: TCJA stands for The Tax Cuts and Jobs Act and has been enacted beginning with the 2018 tax year. TCJA eliminates tax breaks with respect to transportation benefits, on-premises meals, moving expense reimbursements and achievement awards Particularly in transportation benefits, the TCJA eliminates business deductions for the cost of providing qualified employee transportation fringe benefits, such as parking allowances, mass transit passes and van pooling. (These benefits are still tax-free to recipient employees.) Therefore, option-(a) is correct.

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