Big news for riders! Mayor De Blasio signed Council Member Garodnick’s new legislation that will help hundreds of thousands of transit riders save money on subway and bus fares with pre-tax transit benefits.
Transit benefits make riding the subway and bus more affordable by allowing workers to set aside up to $130 per month in pre-tax earnings to pay for public transit. Council Member Garodnick’s legislation will expand access to these savings by requiring employers of 20 or more people to offer this benefit in New York City.
The Riders Alliance analysis estimates that:
· Council Member Garodnick’s bill would allow an estimated 450,000 new people to take advantage of the transit tax break
· An average New Yorker who makes the median wage could save $443 every year with the transit tax break
· Businesses who sign up save money too: for every employee at the median wage who signs up, businesses can save $103 every year in taxes
· If the bill is signed into law, New Yorkers will keep more than $50 million each year in the local economy instead of spending the money on taxes.
Thanks to Council Member Dan Garodnick for his leadership and the NYPIRG Straphangers Campaign for working alongside us to pass this bill. And special thanks to Riders Alliance grassroots members who worked hard to make this savings a reality for more New Yorkers!