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 This ordinance for Chicago would allow employers and employees to save money on taxes as well as supporting the environment.
 In order to support the use of public transit in the City of Chicago, myself and members of The Center for Neighborhood Technology advocate for the passing of a "Chicago Commuter Benefits Ordinance".
This ordinance would allow certain employees in the City of Chicago pre-tax benefits as authorized in the IRS Tax Code 132(f) which allows employers to deduct up to $230 out of each employee's paycheck each month for public transit costs for commuting. This allows employees to pay for their transit costs BEFORE being taxed, lowering the amount of money they must pay in taxes, saving them hundreds of dollars each year. Also, by subtracting their employee's costs of commuting before taxes, employers can also be saving money from payroll taxes. A similar ordinance has already been implemented in San Francisco and has been very successful, increasing public transit ridership and saving money at the same time. Chicago could build off the successful San Francisco ordinance and add its own improvements, make the paper work for employers easier, adding incentives over penalties, and using the Chicago Card to distribute the benefits. Many times, businesses will only see supporting the environment as a reduction of their bottom line. In this case, Chicago would ensure that its businesses save money on taxes and support the city's commitments to the environment while saving the money of its employees. To calculate employee and employer savings, click the tax saving calculator below.     T /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} |