Originally Posted by
RubeRad
Wait what?
Is that a thing anybody can claim, or is it like an option an employer can choose to participate in?
Originally Posted by
Yttrium
Employer based - A LOT of employers don't publicize this stuff though. My last job offered it but you had to actually inquire about it before they'd give it to interested cyclists.
Originally Posted by
RubeRad
That link talks about employees submitting receipts to receive up to $20/mo reimbursement for 'qualified expenses'. Does your company just give out $20/mo, or do you have to actually buy $20 worth of bike stuff and provide receipts?
It has to be through your employer, because it's actually a credit that they take on their taxes. For every $20 they pay out for the program, they take as a credit on taxes owed to the government. So it's available to any employer who pays federal tax and wants to offer it as a benefit. It's probably too much hassle for most companies to bother with.
The federal tax rule says you're supposed to submit annually, enough receipts to show that you actually spent as much as you receive - can be on any bike related stuff like tires, repairs, locks, clothing, whatever - I wouldn't have any trouble producing receipts for $240 per year, but my employer doesn't ask for receipts. We just have to go to an on-line form and check a box that says we commuted by bike more than half the trips for that month, and we get $20 tax-free added to the paycheck. Apparently the feds don't consider this to be an area of high tax fraud so they don't bother verifying. Any employer might require the receipts though to do it by the book.
