If you are a Connecticut commuter there’s good news, you can now save more money on your taxes due to new federal legislation in effect on January 1, 2016.
Report by Paula Antolini
January 7, 2016 3:05PM EDT
CT Commuters Can Receive Tax Reimbursement Due to New Federal Legislation Effective Jan. 1
If you are a Connecticut commuter there’s good news, you can now save more money on your taxes due to new federal legislation in effect on January 1, 2016.
The new legislation will allow public transit users to protect up to $255 a month in pre-tax income. The new federal transportation bill was passed in December 2015.
Senator Richard Blumenthal (D- Conn.) was at the Greenwich and New Haven Metro-North Railroad stations yesterday, along with John Hartwell, vice chairman of the Connecticut Commuter Rail Council, to announce the good news to commuters.
Blumenthal stated that the Commuter Benefits Equity Act will be restored permanently. “The Commuter Benefits Equity Act essentially provides commuter and public transit users with the same tax benefits enjoyed by people who drive cars,” Blumenthal said.
Commuters can be reimbursed by employers, Blumenthal said, and will not be taxed on that reimbursement as long as it is $255 per month or lower. This means a possible savings of $1300 per year for commuters. To get the reimbursement, commuters need to establish accounts with their employer to receive the benefits of the Commuter Benefits Equity Act.
John Hartwell said “We are putting money back into the hands of the people who are using the rails everyday.”
Blumenthal stated, “Saving money for rail commuters means saving the contamination of our air, wear and tear on our roads, and other negatives for everyone involved.”
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