The newly enacted bailout legislation contains a provision which adds a “qualified bicycle commuting reimbursement” to the tax code as a qualified transportation fringe benefit, starting in 2009. It permits an employer reimbursement of up to $20 per month for the purchase, repair and storage of a bicycle and bicycle improvements regularly used for travel between the employee’s residence and place of employment. All you need to do is convince your employer to provide the benefit and then ride your tri-bike to work regularly and BAM! – up to $240 a year in gear money. It will also help your bike fitness by obligating you to ride regularly. Also, your wife will have little basis to complain about the allocation of that money to bike parts or for the training time because it pays for itself and is part of your benefits.
Does anyone know how to actually go about this? I ride to work as often as I can anyway. I’ll gladly take the extra 70.3 entry fee from Uncle Sam.
I thought that this was a joke, but SaS, it’s in there!!
Sahweet!!
I saw it too, but $240 isn’t much to work with…
Your employer has to offer the benefits. It is a benefit that is not taxable to the employees but that the employer can deduct. You have to get your company to offer the benefit and the company can then reimburse you for your bike commuting expenses of $20 each month and then the company takes a deduction each year for the amount it reimburses to you and other employees under the program.
And if the employer is a high school? Guess I’ll need to take this up with district offices. :-\