An Act establishing parking cash-out

This bill requires employers with 10+ employees who offer parking benefits to provide workers a choice between cash or transit subsidies instead of parking. Employees must decline the parking benefit to qualify for the alternative. Employers must document the market parking rate annually (adjusted for inflation) and offer tax-exempt transit benefits, taxable cash, or a combination equal in value to the parking subsidy. The law applies broadly but excludes employers covered by union contracts requiring parking, employees needing personal vehicles for work under IRS rules, and those with long-term parking leases.