Bill > H4658

This bill establishes a new law requiring employers with 50 or more employees who provide parking benefits to offer a "parking cash-out" program, which allows employees to receive a financial benefit equivalent to the value of their parking subsidy if they choose not to use workplace parking. Under this law, employers must calculate the market rate cost of parking and offer employees the option to receive tax-exempt transit subsidies, taxable cash, or a combination of benefits equal to the parking subsidy value. The program can be implemented on a daily or monthly basis, with employers required to maintain documentation of parking rates and inform employees of their rights. Employers must report to the Department of Transportation every two years, detailing the number of employees, parking benefits offered, and cash-out participation. The law includes provisions for annual adjustments to parking rates based on the Consumer Price Index, allows municipalities to reduce parking requirements for participating employers, and empowers the Department of Revenue to impose fines for non-compliance. Certain exceptions exist, such as for employees covered by specific collective bargaining agreements or those required to operate vehicles for work. The bill aims to encourage alternative transportation methods and provide financial incentives for employees who choose not to drive to work.

Budget and Finance

Joint Committee on Labor and Workforce Development (Joint)

https://malegislature.gov/Bills/194/H4658