State agencies, state educational institutions and political subdivisions of the state may offer to their employees a qualified transportation fringe benefit in accordance with Section 132(f) of the Internal Revenue Code of 1986. The qualified transportation fringe benefit may be offered as an employee pretax deduction or an employer-paid benefit or a combination of the two, as determined by the department of finance and administration, the governing authority of an institution or the governing body of a political subdivision of the state. History: Laws 2005, ch. 17, § 1. ANNOTATIONSCross references. — For Section 132(f) of the Internal Revenue Code of 1986, see 26 U.S.C, § 132(f) Effective dates. — Laws 2005, ch. 17 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 17, 2005, 90 days after adjournment of the legislature.
New Mexico Legal Code