Tax Credit for Bike Commuters- Mtbr.com
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  1. #1
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    Tax Credit for Bike Commuters

    Part of the stimulus package is a $20/month credit. Won't go very far for overall bike expenses, but I will take any tax break available.

    http://www.kiplinger.com/features/ar...g_to_Work.html

  2. #2
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    It's not a tax break. It's a redistribution of income for doing an activity this government approves of. And before you say you don't care, keep in mind that "double ipa drinking" is not on anybody's approved activity list, except Ted Kennedy's. And Congress exempts themselves from that kind of crap.

    While you "benefit" from one of your activities, they'll tax you on another. Welcome to the nanny state. Don't fall for it.

  3. #3
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    And this is also with the assumption that you have a cooperative employer.

  4. #4
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    I know I will be paying higher taxes. I don't think I will see a benefit anywhere else. So I will be taking my $20 pre-tax per month.

  5. #5

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    Darn you socalists! Why can't I get a tax credit for driving my H3 turbo speed thru lawns and playgrounds?!

    What, do you get an extra $10 if you slap an obama sticker on your @$$?

    acutally this sounds like a cool idea.. an extra $240 a year isn't too bad

  6. #6
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    Quote Originally Posted by Pittzer
    It's not a tax break. It's a redistribution of income for doing an activity this government approves of. And before you say you don't care, keep in mind that "double ipa drinking" is not on anybody's approved activity list, except Ted Kennedy's. And Congress exempts themselves from that kind of crap.

    While you "benefit" from one of your activities, they'll tax you on another. Welcome to the nanny state. Don't fall for it.
    Heh heh Go on man! Tell us like it is.

    Pittzer for Prez in '12!

  7. #7
    Ovaries on the Outside
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    Quote Originally Posted by Pittzer
    It's not a tax break. It's a redistribution of income for doing an activity this government approves of. And before you say you don't care, keep in mind that "double ipa drinking" is not on anybody's approved activity list, except Ted Kennedy's. And Congress exempts themselves from that kind of crap.

    While you "benefit" from one of your activities, they'll tax you on another. Welcome to the nanny state. Don't fall for it.
    Then I guess I'm pulling for them throwing more money at commuters to get people out of their cars. Can't believe someone is actually complaining that the government is doing a fairly lame and obtuse 'favor' for cyclists on mtbr. The nanny state has been around for real long time and at least this policy has a favorable premise.

  8. #8
    No-Brakes Cougar
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    My employer has been paying me $20 a month to walk or bike to work for years and years now. They put it on my pay check, so that I have to pay taxes on it. I end up getting most of it back at the end of the year anyway. And more power to 'em for paying me to do something I'd be doing anyway.
    R.I.P. Ronnie James Dio ~ July 10, 1942 May 16, 2010

  9. #9
    Brentster
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    I started taking advantage of this a while back.

    Sorta

    In order for it to work fully, you have to convince your employer to give you a raise and then their just not taxed on it. So instead, I just had the payroll people carve $20 out of my gross pay each month and call it per diem.

    That $240 per year of MY MONEY is not taxed and I end up with about $60 extra.

    Woohoo!!!!!!!!!!

  10. #10
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    It's just another feel good measure from a Congress totally insensitive to the size of the deficit and gross debt. Currently your share of the deficit will be approximately $4,500 this year alone. That's just your share, not your family's or children's. That's another $4,500per.

    And that's just this years spending, total debt is about $11,000,000,000,000.00 (I wrote it out because a dozen zeros is more real than Trillion). Your share alone is about $37,000. If interest rates rise only one point, your share of the debt service will rise $370.00 per year.

    Kinda makes $20.00 per month pointless, doesn't it.

    Realisticly the government needs to get out of the business of dispensing nickels and dimes to get folks to do what they would anyway, and get back to the serious business of getting this country on a sound economic footing while there's still time. (if there is)
    fb
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  11. #11
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    Its a real bummer its not an individual tax credit versus something my employer needs to support. Like someone said earlier, you are basically asking for employer for a raise. I do like Brentster's idea of just getting the break off your existing salary as an expense.

    I keep going back and forth on this. I would really like this to keep evolving and get better, but that means it needs support / action, etc.

    However, its hard to get motivated for something that may only be a $60 savings over a year.

    ...on the other hand...that is a couple of free slime tubes...

    Yikes!
    ==================================
    More info here

    http://www.bikeleague.org/news/100708adv.php<O</O
    <O</O
    http://www.bikeleague.org/news/100708faq.php

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