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Transit tax break will be available to 450,000 New Yorkers, transit group says

A transit benefit bill passed by city council on Tuesday is expected to save thousands of New Yorkers money on subway and bus fares.

The tax break could save 420,000 New Yorkers hundreds of dollars per year. Credit: Getty Images The tax break could save 450,000 New Yorkers hundreds of dollars per year. Credit: Getty Images

A transit benefit bill passed by city council on Tuesday is expected to save thousands of New Yorkers money on subway and bus fares.

“New York transit riders need relief, and with this bill they are going to get it,” said Council Member Dan Garodnick, who first introduced the bill. “Straphangers are consistently getting less for more, and this is an important way the city can help them access an important tax break, while promoting mass transit use at the same time."

The legislation allows workers to pay for transit from pre-taxed earnings, up to $130 a month, and will require companies who employ more than 20 people to provide the service.

According to a study by Riders Alliance, an estimated 450,000 New Yorkers could benefit from the tax break, and those who earn a “median wage” could save up to $443 a year.

The break goes into effect on Jan. 1, 2016, a Riders Alliance spokeswoman said.

 
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