Chuck Schumer: “I will be brief. This amendment raises the tax-free mass transit benefit from $155 to $200 per month by the end of the…”

“I will be brief. This amendment raises the tax-free mass transit benefit from $155 to $200 per month by the end of the life of the Transportation bill. I, first, thank my colleagues on the Finance Committee, Mr. Grassley and Mr. Baucus, for raising the amount to $155. That is already in the bill. What this amendment does is raise the remainder over the course of the bill to $200. What it will do is equalize the benefit offered by employers for transit expenses with the current benefit offered for parking expenses. I understand that Senators Baucus and Grassley are working with the Budget Committee to get this amendment approved. So I hope we will not have to vote on it or debate it much longer than this. I greatly appreciate their efforts. Basically, we give people a $200 deduction when they drive to work. It is obviously a business expense if they have to pay for parking, but mass transit has always been discriminated against. We do not give people that deduction for mass transit. This makes it equal. It does not favor one, does not favor the other. It does not take from highways to give to mass transit. It is a win-win-win. Now, mass transit ridership is at an all-time high nationwide. It continues to rise in New York and across the country. For millions of transit riders, this increase will save them hundreds of dollars every year.…”