It is now even easier to offer Parking Cash-Out due to recent changes in federal TEA21 and tax laws that allow employers to offer parking, transit passes, or cash as employee transportation benefits. Reducing free parking is one of the best methods available to encourage people not to drive alone as well as to meet the requirements of the state Commute Trip Reduction act. King County reported that 91 percent of its employers that met or exceeded their SOV goal addressed parking in their trip reduction strategies. Parking Cash-Out is extremely effective. In California, where large employers are required to offer the cash-out option, a survey of over 1,600 employees showed that more than 12 percent of employees switched from driving alone when they were offered a choice between cash or subsidized parking.
Many people find the extra cash is an incentive to use transit or try another way to get to work.
Employees had the option to buy a bus pass with the cash or just keep the cash. The program was easy to handle administratively because the cash was just added to the payroll. Over the years, the clinic has chosen to offer their new employees bus passes instead of free parking. The freed-up parking is available for customers. We can help anyone with implementing parking cash-out at their business or organization.