Establishes a parking cash-out program for employers in Massachusetts with 50 or more employees.

The bill establishes a parking cash-out program for employers in Massachusetts with 50 or more employees. Employers must offer employees a choice of tax-exempt employer-paid transit or vanpool subsidies, taxable cash, or a combination of the two, equal to or greater than the market value of the parking space. Employers must submit reports to the Department of Transportation every two years, and the Department of Revenue must adjust the market rate cost of parking annually based on the Massachusetts Consumer Price Index.

Establishes a parking cash-out program for employers in Massachusetts with 50 or more employees.

The bill establishes a parking cash-out program for employers in Massachusetts with 50 or more employees. Employers must offer employees a choice of tax-exempt employer-paid transit or vanpool subsidies, taxable cash, or a combination of the two, equal to or greater than the market value of the parking space. Employers must submit reports to the Department of Transportation every two years, and the Department of Revenue must adjust the market rate cost of parking annually based on the Massachusetts Consumer Price Index.