New York City enacted Commuter Benefit Laws effective January 1, 2016, which made bus fare and parking tax-exempt to every worker, with pre-tax funds reducing taxable income. What does that mean? Employer pays employee’s local bus fare via metro-cards, while express bus and parking via debit card. This help employer to save on payroll tax and employee to see more money in their paycheck. But do not run to the store with this found money, boost your emergency fund. No amount is too small to achieve financial freedom.
A business with 20 employees must provide the program – even if the employees do not utilize it (why leave money on the table?), but works with 1 employee. At a critical time when we need to find money this is a great program. Every state should provide this.
Check the NYC link below to educate yourself on the program before speaking with HR or your employer. Please contact us at https://www.guidinglightmsc.org, or email info@guidinglightmsc.org for support.
Check this URL for more info: https://www1.nyc.gov/site/dca/about/commuter-benefits-law.page
