On Dec. 22, 2017, the Tax Cuts and Jobs Act (TCJA) with several provisions impacting qualified transportation fringe benefits was signed into law. One provision eliminated is the employers’ ability to offer parking deductions on a pre-tax basis, as doing so subjected employers to taxation on the value of the benefit provided.
Consequently, all employee parking deductions will be withheld on a post-tax basis effective with the first pay received after July 31. There will be no retroactive changes related to any pre-tax deductions processed on prior paychecks.
Employees are encouraged to refer to the “Benefits, Deductions, and Taxes” section of their pay stub for details of their withholdings. The pay stub is accessible from MyUNM by clicking on the “Staff” tab, then clicking the Pay Stub link on the “My Pay” tile.
If you have any questions, contact the Payroll Office at 505-277-2353. The Payroll office cannot give tax advice to employees, but may be able to address general questions regarding your payroll taxes.
Automatic renewals coming-up for staff and faculty parking permit
UNM Parking & Transportation Services (PATS) is informing staff and faculty with an active parking permit that automatic-renewals for 2018-2019 parking permits will be processed on Monday, July 30.
To ensure prompt and accurate delivery of the 2018-2019 parking permits, holders are encouraged to verify their mailing address in Banner under "demographic information" before the auto-renewal processing date.
Permit holders can expect their new 2018-2019 parking permit to arrive within three to seven business days after the renewals have been processed.
If you are signed up for automatic payroll deduction and do not receive your 2018-2019 parking permit by Aug. 10, contact the PATS business office at 505-277-1938.
Current 2017-2018 parking permits are valid until Sunday, Aug. 19. Starting Monday, Aug. 20, new 2018-2019 parking permit need to be displayed.