§ 201-c. Qualified transportation fringe benefit program for employees of the city university of New York. 1. The city university of New York is authorized to establish a qualified transportation fringe benefit program consistent with section 132 of the internal revenue code and regulations adopted pursuant thereto.

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2. Following the establishment of a qualified transportation fringe benefit program as authorized by subdivision one of this section, employees of the city university of New York shall be permitted to use pre-tax earnings to purchase qualified transportation benefits, in accordance with federal law and shall thereupon be entitled to such personal income tax benefits as may be authorized by such law.