SB970

SB970 proposes a tax credit for employers who subsidize public transportation for employees in counties with populations over 700,000.

SB970 introduces a tax credit for employers who spend money on public transportation fares or passes for their employees in counties with populations over 700,000. The credit is equal to the amount spent and can be used against the employer's income tax liability. If the credit exceeds the liability, the excess can be carried over to subsequent years. The credit is available for taxable years starting after December 31, 2024, but will expire after December 31, 2029.