The New York City Council passed a bill which would provide more employees in New York with access to pre-tax mass transit benefits. The bill requires businesses with 20 or more full-time employees in the city to offer federal tax benefits for transit riders. The council voted 49-0 in favor of the bill. On October 20, 2014, Mayor Bill de Blasio signed the bill into law. Employers will have until January 1, 2016 to become compliant with the regulation.
Whether you are in New York or elsewhere, commuter benefits are an advantageous benefit program that many employees can take advantage of. Benefit Resource commends the New York City Council for taking the first steps to making this benefit available to more people.
For further detail on the bill, download copy of Committee Report.
UPDATED OCT. 21 – Updated original post to include signing of law by Mayor Bill de Blasio on Oct. 20, 2014.