April 19, 2016
CDTA Can Save You A Lot of Green
Transit Commuter Tax Benefits Increase for 2016
ALBANY, NY (April 19, 2016) As tax season comes to close, the Capital District Transportation Authority (CDTA) is reminding Capital Region commuters that transit rider commuter tax benefits have been increased for 2016, offering riders additional benefits for using mass transit.
The Federal tax code allows commuters use of tax-free dollars to pay for transit and parking costs through employer-sponsored programs. Commuter tax benefits are regulated by the Internal Revenue Code, Section 132(f)—Qualified Transportation Fringe.
For the 2016 taxable year, the tax-free transportation fringe benefit has been increased to $255 per month per employee for transit expenses, matching the existing $255 qualified monthly parking benefit. Qualified parking implies parking at or near an employer's worksite, or at a facility from which employee commutes via transit, vanpool or carpool). Commuters can receive both the transit and parking benefits.
New York State workers can find out if they can earn the benefit by checking with NYS-Ride, a negotiated benefit program sponsored by the Governor’s Office of Employee Relations (GOER) and administered by WageWorks, Inc., which provides the opportunity to pay for certain work-related transportation expenses on a pre-tax basis. NYS-Ride allows workers to save money on eligible transportation costs, which are paid for through monthly pre-tax payroll deductions.
Public transportation users help reduce traffic congestion, reduce air pollution, smog and greenhouse gases due to automobile emissions, while helping to conserve our nation's fuel supply. Interested parties can find out how to contribute to a cleaner New York by checking out the Carbon Savings Calculator on the American Public Transportation (APTA) website.
Riders can contact CDTA sales representatives at (518) 437-6876 to find out if their employer participates in the program, or how to highlight employer benefits for new organizations.