Hat Tip to Fritz at Commute by Bike for posting on the availability of commuter checks for those who commute by bike to work. This program allows the employer to give a pre-tax salary deduction to help offset the costs of bicycles, equipment and accessories, and bike storage. Fritz reports:
The new solution supports the expansion of the Qualified Transportation Fringe Benefit (IRS Tax Code Section 132(f)) to allow bicycle commuters to designate pre-tax salary deductions of up to $240 per year. Individuals can now designate up to $20.00 per month as a pre-tax salary deduction to pay for the cost of commuting via bicycle. This includes the cost of bicycles, bicycling equipment and accessories, and storage unit costs.
Similar to current Commuter Check programs for public transit and parking, employers can offer the bicycling benefit as a pre-tax salary deduction, saving on taxes for the individual and the company or as a subsidy, which is also tax deductible for the company.
For more information on the program, visit http://www.commutercheck.com/
Click here to read the Commute by Bike post in its entirety.