New Jersey Might Reduce Commute Cost For Residents
Commuters have definitely been given the short end of the stick the past few months so yes, the group is long overdue for some good news.
WELL. WE. HAVE. IT.
As it turns out, there may be a new tax benefit that will reduce the cost of commuting to and from work.
Here is how it works.
Employees would set aside their pre-taxed dollars to help pay for the commuting expenses while simultaneously lowering their total taxable income. NJ.com describes the new bill as, "[a] program [that] works much like a tax-advantaged health savings account or dependent care flexible spending account."
"This bill would allow commuters to save 30 to 40 cents on the dollar," said Deputy Director of the Tri-State Transportation Campaign, Janna Chernetz. "And even at $260 it doesn't even begin to scratch the surface of some of these high fares that our commuters pay, well into $400, $450 a month to commute."
The bill, if approved, would be mandated for employers with more than 20 employees and those that do not comply could be fined!
Take a look at the original article with more information on this new bill at NJ.com.
More From The Point: