NYC Commuter Benefits Law Changes to Take Effect
Many of you may be aware of the upcoming NYC Commuter Benefits Law which takes effect on January 1, 2016. The Department of Consumer Affairs (DCA) has released two important dates for covered employers to be aware of:
- January 1, 2016: Both non-profit and for-profit employers with 20 or more full-time non-union employees in New York City must offer full-time employees the opportunity to use pre-tax income to pay for their commute. Federal tax law allows employees to deduct up to $130 a month from pre-tax income to pay for qualified transportation.
- July 1, 2016: DCA may start issuing violations to businesses. Employers who do not comply with the new law are subject to penalties for violations that take place after July 1. The law also gives employers 90 days to correct a violation before the DCA is authorized to seek penalties.
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