If New York Democratic Sen. Chuck Schumer gets his way, New York City’s ailing bike-share program — initially touted for its reliance solely on private funding — will benefit from government tax breaks.
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Schumer announced Thursday that he had successfully attached an amendment to a “must pass” tax bill which will provide two tax incentives that would seemingly aid the bike program.
Under the proposal, employers who pay for their workers’ annual Citi Bike memberships — which cost $95 — can write off the expense on their taxes. Additionally, users will be allowed to exclude up to $20 a month from their pre-tax income.
“This legislation will encourage employers to offer bike-share memberships as perks to their employees, much like transit benefits for other kinds of commutes, and will enhance both the financial standing and the importance of these programs,” read a statement from Schumer.