yes – here’s the solution to our energy problems. Giving 20 dollar per month per employee tax deductions to businesses.
Of course, they are frantically working to make sure that we can’t drill for oil precisely where we KNOW it is – because that might actually make sense apparently.
But your legs might be worth a double sawbuck to your employers. Not to you of course – the tax benefit will go to your employer.
Just one other question – are we now going to have bike tax police to monitor the tax returns of business who claim this deduction to verify that the employees are truly humping themselves into the office? When will the first bike tax deduction scofflaw be hauled before the authorities? Lots of employment benefits here.
Section 827 of the bill defines the “Transportation Fringe Benefit to Bicycle Commuters.”
It says: “The term ‘qualified bicycle commuting reimbursement’ means, with respect to any calendar year, any employer reimbursement during the 15-month period beginning with the first day of such calendar year for 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.”
Bottom line: Employers could count as a deductible business expense a tax-free $20 monthly reimbursement to workers who bike to work.