NY A02766

Adds paragraph 40 to Tax Law Section 612(c) to exclude qualified transportation fringe benefits from New York State taxable income for tax years beginning after December 31, 2012

Allows deduction of qualified transportation fringe benefits that would have been excluded from federal gross income under Internal Revenue Code Section 132(a)(5) if the flush sentence in effect on December 31, 2011 had continued

Provides that if federal law increases the transit benefits cap above the parking benefits cap, the higher amount applies to parking benefits for that month

Establishes a minimum monthly threshold of $175 for both transit and parking benefits deductions, regardless of federal amounts

Takes effect immediately upon enactment