The bike commuter tax benefit, 7 years in the making, has finally passed both houses of US Congress, as part of the $700B financial services bailout package. It has been signed by President Bush and is now law.
Summary From the Virginia Bicycling Federation:
"The bottom line is, you can get up to $20/month tax-free from your employer, if he feels like giving it to you, to reimburse you for your bike commuting expenses. Your employer can write it off as a business expense. This benefit goes into effect at the beginning of the year 2009."
It's not a lot (up to $240/year) but can help with the purchase, improvements, repairs and storage of a bicycle used for commuting.
What better way to get to your workplace!
http://www.vabike.org/bike-commuter-tax-benefit-passes-both-house-senate/
Summary From the Virginia Bicycling Federation:
"The bottom line is, you can get up to $20/month tax-free from your employer, if he feels like giving it to you, to reimburse you for your bike commuting expenses. Your employer can write it off as a business expense. This benefit goes into effect at the beginning of the year 2009."
It's not a lot (up to $240/year) but can help with the purchase, improvements, repairs and storage of a bicycle used for commuting.
What better way to get to your workplace!
http://www.vabike.org/bike-commuter-tax-benefit-passes-both-house-senate/
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