Res. No. 1991
Resolution calling upon the United States Congress to pass, and the President to sign, legislation which permanently codifies parity between transit and parking pre-tax fringe benefits.
By Council Members Recchia, Chin, Koo and Halloran
Whereas, Under current federal law, employers are able to offer employees both transit and parking pre-tax and tax-free fringe benefits at a maximum of $245 per month; and
Whereas, By taking advantage of these benefits, employees save money by using pre-tax dollars to cover their commuting expenses and they save their employers money by decreasing the employer's payroll tax burden; and
Whereas, Unless new legislation is enacted by the end of 2013, the maximum transit benefit will decrease to $125 per month while the maximum parking benefit will remain unchanged; and
Whereas, Legislation has been introduced in both the House of Representatives (H.R. 2288) and the Senate (S. 1116) which would permanently codify parity between qualified, pre-tax and tax-free fringe transit and parking benefits; and
Whereas, Enacting such legislation would ensure that commuters who use public transportation have access to benefits equal to those available to commuters who drive; and
Whereas, In addition to maintaining fairness, commuters should be encouraged to use public transportation, which decreases road congestion and pollution; now, therefore, be it
Resolved, That the Council of the City of New York calls upon the United States Congress to pass, and the President to sign, legislation which permanently codifies parity between transit and parking pre-tax fringe benefits.
LS#5068
9/30/2013
JM