Parking Cash Out
State law 37-5-7.1 requires certain employers who provide subsidized parking for their employees to offer a FREE RIPTA transit pass in lieu of a parking space.
This law is called the parking cash-out program. The intent of the law is to reduce vehicle commute trips and emissions by offering employees the option of "cashing out" their subsidized parking spaces and taking transit to work for free.
The Law
Applies to employers who meet all the following conditions:
This law is called the parking cash-out program. The intent of the law is to reduce vehicle commute trips and emissions by offering employees the option of "cashing out" their subsidized parking spaces and taking transit to work for free.
The Law
Applies to employers who meet all the following conditions:
- Located within 1/4 of a mile of a RIPTA bus line.
- Have 50 or more employees.
- Have leased parking.
- Subsidize employee parking by paying the cost and allowing the employee free or reduced-rate parking.
- Can reduce the number of parking spaces leased without penalty.
Employer Benefits
- Reduce the demand for employee parking
- Reduce costs associated with leased parking. (A transit pass is frequently a less expensive benefit than a parking space.)
- Allows for flexibility to convert employee parking to customer parking.
- Reduce traffic on local roadways.
- Good public relations with employees and the community.
Compliance
Employers who are subject to Parking Cash Out law are required to comply by offering RIPTA monthly passes. Compliance can also be achieved by eliminating subsidies on leased parking.
Employee Benefits
- Save money on gas.
- Free RIPTA transit pass for those who give up their parking spot.
- Relieve the stress of driving in traffic.
- Fewer cars benefit everyone.
- Free time on the bus to read that novel or knit that scarf.
- Meet the love of your life?