New law offers tax break for straphangers
Some straphangers have a reason to smile this New Year.
Thanks to the city’s Commuter Benefits Law – which went into effect January 1 – a number of New York City commuters are now eligible for a long-fought-for tax break.
The law – signed by Mayor Bill de Blasio in October, 2014 – requires employers with 20 or more full-time, non-union employees to offer a commuter benefits program to its staff, allowing them to contribute pre-tax income to purchase monthly transit passes.