(i) QUALIFIED BICYCLE COMMUTING REIMBURSEMENT- The term `qualified bicycle commuting reimbursement’ means, with respect to any calendar year, any employer reimbursement during the 15-month period beginning with the first day of such calendar year for reasonable expenses incurred by the employee during such calendar year for the purchase of a bicycle and bicycle improvements, repair, and storage, if such bicycle is regularly used for travel between the employee’s residence and place of employment.`(ii) APPLICABLE ANNUAL LIMITATION- The term `applicable annual limitation’ means, with respect to any employee for any calendar year, the product of $20 multiplied by the number of qualified bicycle commuting months during such year.
4 comments:
Well the government already gives motorists FREEways.
If I understand this correctly, what it actually means is that *if* your company is willing to reimburse you for your bike commuting costs, the company can then take a tax credit for them. Not bad, but not quite as nice as a credit you can claim on your own.
Another good thing the senate passed...
http://online.wsj.com/article/SB122298615110699903.html?mod=googlenews_wsj
That's true Steve. But I guess we can claim its a start.
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