MTA bailout resolved for $2.26B in first year

(AP) - Legislative leaders have an agreement on a $2.26 billion deal to bailout New York City's transit system, which will increase the monthly fare by 10 percent. The deal, released late Tuesday, avoids

News 12 Staff

May 6, 2009, 3:42 PM

Updated 5,732 days ago

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(AP) - Legislative leaders have an agreement on a $2.26 billion deal to bailout New York City's transit system, which will increase the monthly fare by 10 percent.
The deal, released late Tuesday, avoids fare increases of 23 to 30 percent as planned by the Metropolitan Transportation Authority board. But it's more than the 8 percent fare increase that has been discussed for a bailout since April. Monthly passes will go from $81 to $89 - a dollar more than previous proposals.
The proposal raises $1.5 billion from a payroll tax. It avoids tolls, but adds a 50 cent charge to taxi rides. It also adds a 5 percent increase in sales tax on auto rentals, and increases the cost of drivers' licenses and vehicle registration. That contributes $261 million to the plan.