Don’t be surprised if your employees who are bicycling enthusiasts approach HR about a bicycle commuting benefit recently passed into federal law. Several special interest groups have been touting the law—part of last October’s massive Emergency Economic Stabilization Act—to their members.
The law, called the Bicycle Commuter Act, allows employers of every size—from one-person operations to multistate conglomerates—to deduct the cost of subsidizing bicycle commuting from their federal taxes.
Employers can set up a plan to reimburse employees up to $20 per month for costs associated with biking to work. They can deduct the same amount from company federal taxes.
Reimbursable expenses include the purchase price of a bike, parking costs, repairs and use of shower facilities. The reimbursements are tax-free for employees.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/8749/new-tax-break-encourages-subsidized-bicycle-commuting "
- There are complaints, then there are complaints: General gripes about unfairness aren't protected
- Handle employee background checks correctly to lessen liability
- Wellness program helps lower health premiums by 10%
- Don't let complaint interfere with legitimate discipline
- Federal employees must act fast to file claims of alleged discrimination