NJ Pols: Renewal Of Rail Commuter Tax Benefit Is 'Baloney'
PATERSON, N.J. (CBSNewYork) -- A New Jersey senator and congressman took a partisan swipe Thursday over a recently passed tax break they say is nearly worthless.
As WCBS 880's Levon Putney reported, Congress approved a package of tax breaks before its winter recess, including restoring a $250-a-month pre-tax benefit for rail commuters -- the same amount given to those who drive.
When that tax break expired on Dec. 31, 2013, rail commuters were only eligible for a $130-a-month tax break. The renewal, however, is set to expire at the end of this year.
"Actually the tax bill lasts for two weeks because we already finished the year," said Rep. Bill Pascrell, a Democrat. "It is full baloney."
"Unfortunately, we could not get the Republicans to agree to a two-year bill," said Sen. Bob Menendez, also a Democrat. "This is a perfect example of why short-term tax bills at the end of a calendar year make no sense."
The lawmakers said they are trying to get the IRS to allow the tax credit to be applied retroactively.
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