As Gas Prices Soar, Try a Less Taxing Commute
Gas prices got you down? How about tax-free transit passes? CNT is administering the Transit Ridership Improvement Program (TRIP) for the Regional Transportation Authority and Cook County Department of Environmental Control, which provides up to $1,700 to Cook County businesses that enroll employees in a pre-tax transit benefit program. Commuters can save between 30 percent and 40 percent on their commuting costs by purchasing transit fares before taxes. The incentive program has $250,000 made available through the American Recovery and Reinvestment Act (ARRA), and the limited funds will be disbursed to employers on a first come, first served basis.
Pre-tax transit programs also benefit employers. Participating businesses reduce their payroll taxes by simply making the program available to employees. And in addition to saving people and businesses money, the program encourages people to commute via mass transit, which is typically cheaper and less polluting than driving. According to the American Public Transportation Association, Chicago transit riders can save an average of $11,889 annually by using public transit instead of driving, based on the current national average of $3.47 per gallon of gas.
“We’ve just experienced the fastest ever two-week increase in gas prices at a time when households are struggling to make ends meet,” said Jacky Grimshaw, CNT’s Vice President of Policy. “Families are pinching pennies wherever they can, and signing up for pre-tax transit benefits is a winner for commuters, it’s a winner for employers, and it’s a winner for the environment.”
Read the full press release ››
More about the Transit Ridership Improvement Program (TRIP) ››
