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The state Senate has passed legislation to derail the payroll tax put in place last year to rescue the Metropolitan Transportation Authority from a big budget deficit.
Under the U.S. Internal Revenue Code section 132 (a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax. The qualified transportation benefits are transit passes, vanpooling, bicycling, and parking ...