With rent prices skyrocketing to the point where New Yorkers can no longer afford them, any type of financial relief is welcome, particularly to those of us who use mass transit for our commutes to work.
Luckily for us, workers will be able to deduct up to $255 a month in transit passes in 2016 which is essentially the same break that motorists currently receive to park their cars.
For those of us paying an exorbitant amount of our paychecks just to get to and from work, this will ease our financial woes (though we still might steal toilet paper because, priorities).
The current break of $130 a month, enough for a 30-day MetroCard, is not nearly as much of a financial remedy for those living in the outer boroughs using express buses or suburban commuter rails.
Senator Chuck Schumer stated, "[as] the price of commuting continues to climb, this commuter tax break has become increasingly vital for New York City residents who already experience a very high cost of living."
The jump to $255 a month will be a welcome break for all NYC residents who use methods of mass transit for their commute.
For those commuters filing taxes for the year of 2015, the benefit will cover up to $250.
The benefit could save up to $765 a year for those making $60,000.[via New York Daily News] [Feature Image Courtesy Instagram]