December 29, 2011

Transit commuter tax benefit to be cut by nearly half next year

NEW YORK — Tax breaks used by 2.7 million subway, light rail and bus riders across the country will be slashed next year, the Huffington Post reports. In 2011, both drivers and mass transit riders received $230 monthly exception. Starting Jan. 1, the tax break for drivers will go up to $240, due to a cost-of-living increase, but transit riders will be forced to make do with $125 per month in pretax money. To read the full story, click here.

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