An Act establishing parking cash-out

This bill requires employers with 50 or more employees to replace parking benefits with a "parking cash-out" option. Employees can choose to forgo driving alone to work and instead receive cash or transit benefits equal to the current market price of parking (calculated using public rates within a quarter-mile or set minimums). Employers must document parking costs, adjust them annually using the Consumer Price Index, and inform employees in writing about their rights. It does not apply to employers with fewer than 50 employees, those with union contracts requiring parking, or jobs requiring vehicle use.