Emeritus faculty are eligible for a no-charge annual permit which provides unlimited 24-hour access to the Huron Superior Garage. Vehicle storage for longer than 24 hours is not permitted.
While parking access is issued at no cost to emeriti faculty members, the University is obligated to report the fair market value of said parking benefit. Please note that parking rates are subject to change and fair market value is based on a calendar year.
Below is a summary of the imputed taxable income for parking access to the Chicago campus for the 2020-21 academic year. If you have any questions about what this means for your own tax situation, you are strongly encouraged to consult with your own tax advisor.
|Parking Description||How to Apply||FMV of Parking for AY 2020-21||Tax Basis for Parking Benefit|
|Free parking provides parking access privileges at Huron garage, located at 222 East Superior Street, Chicago. Chicago Parking Map.||Visit the Chicago Parking Office in person in Abbott Hall, Room 100 (312-503-1103).||The fair market value of this parking is $6,300.*||Individual tax liability will be based on the total accrued value for each month that the individual has access to parking during a calendar year. Note that the parking cycle runs from October 1, 2020 – September 30, 2021.|
Emeriti must renew the permit each year during September to keep parking privileges active. You will receive a permit decal and your Wildcard will be programmed for access to the Huron Superior Garage.
*Rate includes all parking taxes