The just-passed federal tax law has some immediate impacts on employees and employers around the country. One change in the new law will affect the tax treatment of employee parking fee payments. Effective January 2018, because of this new federal law, Vanderbilt University employees’ parking deduction will become an after-tax deduction rather than a before-tax deduction. The amount of the parking deduction will remain the same.
Some of the worst-case proposals for employees did not come to pass, including threats to eliminate the pre-tax treatment of retirement contributions and of employee/dependent tuition benefits. As Chancellor Nicholas S. Zeppos shared in his recent columns, the university advocated strongly against these and other provisions that would have had a devastating impact on the university’s ability to meet its mission of teaching, research and service.
Contact Vanderbilt University Public Safety Parking Services at (615) 322-2554 with any questions.