The MTA wants to cut the cost of two planned fare hikes nearly in half.

The MTA is planning to scale back fare and toll increases in 2015 and 2017. Its proposed 2014 budget calls for a 4 percent hike instead of a 7.5 percent increase.

The scaled back increase is dependent on two things. The MTA says it needs the New York state payroll tax to remain in place and for unions to accept net zero increases. According to the MTA, failure to achieve a settlement with labor unions would increase costs by $300 million per year going forward.

The MTA board will vote next month on the 2014 budget proposal.