Streetsblog New York City » Report: Letting Transit Tax Benefit Expire Will Throw Riders From the Train

Streetsblog New York City » Report: Letting Transit Tax Benefit Expire Will Throw Riders From the Train: "The tax break was slipped into the stimulus bill by New York Senator Chuck Schumer in early 2009. Previously, riders could buy up to $120 in transit fares per month without paying taxes on that income, while those driving to work could deduct up to $230 in parking costs (one example of how the incentive to drive is embedded in the tax code). Schumer’s proviso equalized the caps, but only temporarily. It expires at the end of this year."