Bill > S1346

This bill establishes a comprehensive parking cash-out program requiring employers with 10 or more employees who provide parking benefits to offer employees a financial alternative to using their parking spaces. Under the legislation, employers must provide employees the option to receive a cash benefit equivalent to the market rate cost of parking if they choose not to drive to work, with daily and monthly cash-out options depending on the size of the employer. The bill defines key terms like "market rate cost of parking" as the standard price for parking in the area, and mandates that employers maintain documentation supporting their parking cost calculations. For employers with 100 or more employees, a daily cash-out program is required, while smaller employers can choose between daily or monthly options. Employees can only receive the cash-out benefit after declining the employer's parking benefit, and employers must clearly communicate this option in writing. The bill also requires employers to submit biennial reports to the Department of Transportation detailing their parking benefit and cash-out program statistics. The Department of Revenue will oversee implementation, including adjusting parking rates annually based on the Consumer Price Index and imposing fines for non-compliance. The legislation aims to incentivize alternative transportation, reduce parking demand, and provide employees with more flexible commuting options.

Budget and Finance, Labor and Employment

https://malegislature.gov/Bills/194/S1346