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!
References and Resources:
- IRS Publication 15-B, Employer's Guide to Fringe Benefits, pages 18 - 20 on Transportation (Commuting) Benefits: http://www.irs.gov/pub/irs-pdf/p15b.pdf
- Library of Congress: Bicycle Commuting Act
- The League of American Bicyclists: Bicycle Commuter Benefit
- National Center for Transit Research Commuter Tax Benefits
- BikeWalk.org Bicycle Commuter Act of 2008
- eHow.com "How to Get a Bicycle Tax Credit"
- San Francisco Bicycle Coalition Bike Commuter Benefit