In late 2014, the New York City Council passed the NYC Transit Ordinance to encourage use of public transit and help ease commuting costs for people that work in the city. Yet many companies are still unaware of what this new law means for them or how to comply.
The NYC Transit Ordinance requires that companies with 20 or more full-time employees, who work in the City of New York offer a pre-tax transit benefit program to these employees. This is great news for every person who uses public transit – train, subway, bus, ferry or van pool – to get to and from their job, as they will save money on their daily commute. But what a lot of companies don’t know is that they will save money too – with tax breaks! Companies can save up to an estimated $120 annually in reduced payroll taxes per enrolled employee.
And here’s one other key point that they don’t realize (and they really should). Companies that don’t comply with the Ordinance will face penalties.
Here at WageWorks we believe that everyone deserves an easier, less expensive commute. We’ve been offering pre-tax commuter benefits for many years now, and I’m still surprised by how many companies aren’t yet taking advantage of them. Now that it’s the law, it truly is a no brainer.
Join us for our upcoming webinar to learn more about what this new law means for your company and how pre-tax commuter benefits will help you save money while complying with the new law. Reserve your spot and register today!