03 February 2010

Winter Blues, Good News

You can tell by the lack of posts here that I've got the winter blues. I've been riding, I just haven't had anything fun to share.

We got news today that my employer will be providing tax-free reimbursement of certain bicycle commuting expenses to the full $20/month IRS limit. Yippeee! That's $240 a year of work-sponsored bike upgrades!!! There's nothing like finding money to put some spring back in your step/pedal stroke.

UPDATE:
When I first heard about this benefit, it was ill defined but part of the bailout (3 October 2008). Now it's defined and law! Hurray!

More links are here, listed in decreasing technical detail:
IRS Qualified Transportation Fringe Benefits
League of American Bicyclists Bicycle Commuter Tax Provision: FAQ
About.com Summary Article

7 comments:

somervillain said...

i'm intrigued! my employer has a tax-free commuting reimbursement benefit that i take advantage of every once in a blue moon when i need to drive to work and spend $20 to park in a garage for the day.

are bike commuting benefits eligible by IRS law? or is that benefit set by individual companies?

Velouria said...

Sorry to hear about your blues, cheer up!

She Rides a Bike said...

My employer doesn't provide that benefit unfortunately - even though we are supposed to be community that prioritizes sustainability.

Mario Calderón said...

Congrats! Hope such an initiative soon becomes law! In my city, Guadalajara, Mx, metropolitan municipalities are building cycling tracks on main streets and avenues, but employers' and tax support is kind of lacking yet.

Charlotte said...

somervillain, they're now eligible by IRS law, if it's your main transportation for the month, though they don't specify what that means. It's up to individual companies to implement something they feel is reasonable.

Boston Bike lLaw said...

Great to see employers support cycle commuting!

RidingPretty said...

Missed you, glad you're back!!
Congrats to your your Employer too.
- Shelly