Commuters Can Use Pre-Tax Income For Public Transit
UPDATED 03/09/11 1:23 p.m.
CHICAGO (CBS) – People who work in Cook County can pay their fares for public transportation using pre-tax income, and companies have an incentive to participate.
You could be eligible if you take the CTA, Metra, Pace, the South Shore Line, and some Amtrak routes.
The Transit Benefit Fare Program allows workers to select their means of transit with an online order or phone call to customer service.
For employers that are participating, the program then sets aside a portion of employees’ paychecks before taxes are deducted.
The program is not new, but the incentive for local employers to participate is. Effective today, participating companies receive federal tax breaks of up to $1,700.