Senate eyes federal commuter tax break
Photo credit: Chris Ware | Commuters at the Syosset LIRR train station. The finance committee Thursday approved a tax bill provision to restore the full public transportation benefit and increase it to $240 to match the motorists' tax break. (July 26, 2011)
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The Senate Finance Committee Thursday passed a bill that would restore an expired federal tax break for commuters and save them hundreds of dollars a year.
From 2009 until January, commuters could set aside as much as $230 a month tax free to cover their public transportation costs. When the law expired, the benefit rolled back to $120 per month. A similar tax break for those who drive to...
