New York City’s Commuter Benefits Law took effect on January 1, 2016. Under the law, for-profit and nonprofit employers with 20 or more full-time non-union employees in New York City must offer their full-time employees the opportunity to use pre-tax income to purchase qualified transportation fringe benefits. The law is based on the Internal Revenue Code that authorizes pre-tax commuter programs, which benefit employers and employees.
Please follow the link below to view Frequently Asked Questions and answers on the new law:
http://www1.nyc.gov/site/dca/about/commuter-benefits-FAQs.page
We hope this information is valuable to you. If you have any questions regarding this alert, please do not hesitate to contact Holman HR.