Tuesday, December 17, 2013

Tax Benefits for Bicycling to Work

Bicycling is a great way to save money and get exercise. Achieving both can be beneficial, especially if you bike to work. Did you know that you (and your employer) can get a tax break and credit for you commuting by bicycle? Former President Bush signed the Bicycle Commuter Benefits Act into law in January 2009. The best information I have found about the Bicycle Commuter Benefit is on the League of American Bicyclists's website. You can reead more about what the tax break for bicycle commuting is on eHow.com

The maximum reimbursement is $20 per month* for expenses such as the purchase of a bicycle, bicycle improvements, repair, and storage. The tax benefit could get better if H.R. 2288: Commuter Parity Act of 2013 is passed. It will amend the Internal Revenue Code to allow up to $35 per month for qualified bicycle commuting reimbursement. I will keep you posted on the status this bill (if only my Issues and Tracking page was working :-P).

If your employer is not participating yet - go talk to the Payroll or Human Resources Department. I made contact today so they will start the ball rolling at my workplace. Here's "How to Bicycle to Work for a Tax Deduction" (eHow.com). There are more references and resources below.

Keep pedaling and have a safe ride!

By the way, I always wear a helmet when I ride any of my bicycles. I was demoing my new bike to my co-workers in a parking lot when this photo was taken.

References and Resources:

No comments: