New York City commuters are about save some serious dinero on their transit expenses. Today, Mayor De Blasio signed the Affordable Transit Act into law, requiring NYC area businesses with 20 or more employees to offer pre-tax commuter benefits.
Find out what this means for New Yorkers and how businesses can comply.
It finally happened! The pre-tax transit benefit legislation introduced by Councilmember Dan Garodnick (D-Manhattan), has officially been signed by Mayor De Blasio. Starting January 1, 2016, all companies with 20 or more workers must offer pre-tax commuter benefits.
Employees will get to save up to 40% on their transit expenses, and employers will save up to 7.65% on their payroll taxes. Need more than a percent? According to the Rider’s Alliance, businesses could end up saving up to $103 a year per participating employee and employees could save $443.
Not sure where to begin?
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