$20 bicycle reimbursement

Discussion in 'General Questions' started by Alaskavan, Oct 3, 2008.

  1. Alaskavan

    Alaskavan Guest

    I don't know if this is the correct place to post this, but:
    Bamabikeguy pointed out to me this morning that tucked away in the present Wall Street Bailout Bill is a change to the tax codes allowing an employer to write-off a $20 per month reimbursement (for repair and upgrade of their bikes) to employees that use a bike for a substantial amount of their commute.
    Something to think about.

    http://qualifiedpensionconsulting.c...ns-including-bicycle-commuting-reimbursement/
     

  2. buck

    buck Member

    I have been following this section of the bailout, and it looks like we can
    have some pretty tricked out bikes ( paid for by our employer ) if this
    legislation passes. I still think that the Wall Street banksters that created
    this mess should be looking for Bail Bonds instead of a Bailout.
    Thanks / Buck
     
  3. mlcorson

    mlcorson Member

    From Associated Press. Partial excerpt from bailout bill:
    "Allowing employers to exempt from taxation what they spend on some fringe benefits for workers who commute to work by bicycle, for example reimbursing the cost of parking the bikes. Cost: $2 million."
    I read that as reimbursement for parking.
    -Mike
     
  4. arceeguy

    arceeguy Active Member

    In typical Washington fashion, a bill is not passed until enough "pork" has been added to it to pay for some votes. This bailout is an abomination.

    I agree that the people involved with Fannie and Freddie should be thrown in jail, along with the Enron and Worldcom crooks. Unfortunately for us, some of the people that are credited with "saving" our economy were directly involved with screwing it up. (Barney Frank, Chris Dodd, et al) Not political, just facts.
     
  5. Alaskavan

    Alaskavan Guest

    Arceguy, this thread is about reimbursement for bicycle commuters. Please stay on topic. There are plenty of threads where people can express their opinion of the economy.
    Mike, as I understand it the bill says specifically: "reasonable expenses incurred by the employee during such calendar year for the purchase of a bicycle and bicycle improvements, repair, and storage, if such bicycle is regularly used for travel between the employee’s residence and place of employment."
    It seems to me that purchase and improvements leaves it wide open.
     
  6. The employer has to be convinced and it may take more than just two bikers for an employer to see the viability of this but he would be foolish because of the tax break he would get.
    Then there's the question if an engine assist falls in with this.
    Does it?
     
  7. bluegoatwoods

    bluegoatwoods Well-Known Member

    If we go by the assumption that not a lot of documentation will be required, then whether the bike has an engine or not is likely to be a moot point.
     
  8. arceeguy

    arceeguy Active Member

    I WAS on topic. This reimbursement was a PIECE OF PORK attached to a bill that was supposed to be critical to our economy. The bill was so important that it could not pass on its own merits, but went through after BILLIONS IN PORK were added to BUY VOTES. But I guess it is all ok because it rewards bicycle commuters. :rolleyes:
     
  9. bluegoatwoods

    bluegoatwoods Well-Known Member

    There's a lot of worry going on about the economy. And it seems that not very many people view this bail-out as being a good thing.

    But when you take pot-shots at one side, yet give the other a pass, that IS political.
     
  10. Slay

    Slay Member

    What a bunch of wasteful garbage. That's not political. It's gonna cost more money to implement than be worth. Oh well, I'm all for encouraging biking - especially with motor lets hope Obama can get some federal **** passed to allow motors of all sizes to be leagal.
     
  11. ozzyu812

    ozzyu812 Member

    Alaskavan
    I sent the link to HR at work.
    Thank you!

    Don't ask. Don't tell.
     
    Last edited: Oct 4, 2008
  12. Alaskavan

    Alaskavan Guest

    I wonder if a self-employed person can take any advantage of this?
     
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