How does everyone read that bill ? I approached the city with offering it and the response was "they read it as if they offer a car or bus "benefit " then they will offer a bike one " But since they don't offer a car/bus they won't offer a bike one. I didn't read it that way at all.
Does anyone have some info on how a city can offer this to their employee's ?
Thanks,
Jim
1 comment:
The way I understand the bill, it would make bicycle commuting expenses eligible for reimbursement under a standard Transportation Reimbursement Incentive Program (TRIP) account. The TRIP account is a flexible spending account, similar to flexible medical or child care spending accounts. It allows the employee to place pre-tax dollars into a holding account for later reimbursement of eligible expenses. You’re required to submit a form with receipts to document the expenses prior to being reimbursed. One of the catches is that any money remaining in the account at the end of the calendar year can not be recovered, so estimating your eligible expenses is crucial. I’m not sure how or if this impacts your income tax filling.
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