NY A01180

Allows New York taxpayers to subtract qualified transportation fringe benefits from federal adjusted gross income for taxable years beginning after December 31, 2022.

Applies the exclusion to transportation benefits that would have been excluded under IRC Section 132(a)(5) if the December 31, 2018 version of the federal flush sentence had remained in effect.

Requires application of the lower dollar amount between parking (subparagraph A) and transit/vanpool (subparagraph B) benefits if amounts differ in any month.

Establishes a minimum monthly benefit threshold of $175 for both parking and transit/vanpool benefits.

Takes effect immediately upon enactment.