New York City Mayor Bill de Blasio has signed into law the Affordable Transit Act, which requires New York City companies with 20 or more full-time employees to offer pretax transit benefits. The bill encourages employers to take advantage of an existing federal tax benefit, which already allows businesses to offer its workers $130 a month as pretax income for transportation.
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According to the mayor’s office, the legislation is expected to save employees opting into the program an average of over $400 a year, with employers saving more than $100 per year per employee in tax liability.
The law, which will be enforced by the Department of Consumer Affairs, takes effect in January 2016.
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