NYC Mandates Pre-Tax Transportation Benefits for 1/1/16
If your organization has an office in New York City, it’s time to review your benefits package. Effective January 1, 2016, companies with 20 or more employees in NYC must offer a pre-tax transportation benefit.
The new legislation does not apply to every employer. Your organization may be exempt if you:
- are Federal, State or Local Government
- are not required to pay federal or state taxes
- have a collective bargaining agreement in place that meets certain guidelines
Non-exempt employers who fail to offer the required pre-tax transportation fringe benefit could face fines and penalties.