Int 0429-2006

Be it enacted by the Council as follows: Section 1. Section 12-139 of title 12 of the administrative code of the city of New York is amended to read as follows: §12-139 Election of qualified transportation benefits in lieu of taxable dollar compensation. a. Employees of the city of New York shall be permitted to use pre-tax earnings to purchase qualified transportation benefits, other than qualified parking, in accordance with federal law and shall thereupon be entitled to such personal income tax benefits as may be authorized by such law. b. Every individual, corporation or other entity with fifty or more employees in the city of New York shall offer such employees the opportunity to use pre-tax earnings to purchase qualified transportation benefits, other than qualified parking, in accordance with federal law. The minimum amount of pre-tax earnings that shall be made available monthly by such individual, corporation or other entity to such employees for such qualified transportation benefits shall be the lesser of the cost of a monthly thirty day unlimited ride metrocard or the employee’s actual monthly qualifying transportation expenses. §2. This local law shall take effect one hundred twenty days after it is enacted into law. PH - 9.08.06 -- 10:30 am LS # 1369