I vaguely remember a credit available if bicycle was purchased and used to commute to work; but I don't remember if was a federal or CA state credit. I can't seem to find anything on it this year, but a client brought in his paperwork asking for the credit. Can anyone help me find info on this credit?
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This is part of
the bail-out bill. Here's a quote:
Section 211 of the "Emergency Economic Stabilization Act of 2008" allows for a "qualified bicycle commuting reimbursement" 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."
So, I don't know if it's totally in place yet.
Larry -
This wouldn't be a credit to show on a tax return anyway, it would allow employers to reimburse $20/month tax free for bicycle expenses. Usually not what the taxpayer wants when it's time to file their taxes...Comment
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