Maryland Commuter Tax Credit
WHAT IS THE MARYLAND COMMUTER TAX CREDIT?
Employers who contribute to their employees’ commuting costs are rewarded with federal and state tax deductions, state tax credits and reductions on certain payroll taxes. The Maryland Commuter Tax Credit program allows all businesses operating in Maryland, including non-profits, to claim a 50% tax credit against the cost of providing commute alternative programs to its employees up to $50 per employee per month.
HOW DOES AN EMPLOYER TAKE THE CREDIT?
Submit a registration form to the State of Maryland prior to filing a tax form.
Complete Form 500CR to apply tax credits toward the total tax liability for the calendar year in which the commuter benefits are paid.
More indepth information can be found at CommuterChoiceMaryland.com
If you would like to learn more about alternative transportation in Prince George’s County or need assistance starting your commute program please contact us anytime.