Allows one-time distributions from transportation fringe benefit accounts during a 6-month period.

The COVID–19 Commuter Benefits Distribution Act allows for one-time distributions from specified transportation fringe benefit accounts. These accounts must have been set aside by an employer under a compensation reduction agreement. The distribution must occur within six months of the act's enactment and cannot exceed the highest balance of the account from March 13, 2020, to December 31, 2023. The act also specifies that such payments are includible in the gross income of the employee for the taxable year in which they are made.

Allows one-time distributions from transportation fringe benefit accounts during a 6-month period.

The COVID–19 Commuter Benefits Distribution Act allows for one-time distributions from specified transportation fringe benefit accounts. These accounts must have been set aside by an employer under a compensation reduction agreement. The distribution must occur within six months of the act's enactment and cannot exceed the highest balance of the account from March 13, 2020, to December 31, 2023. The act also specifies that such payments are includible in the gross income of the employee for the taxable year in which they are made.