Bike commuting reimbursement
Eligibility
Regular full-time and part-time employees who work at least half time.
Description
The Bike Commuter Act allowed employers to reimburse bike commuters up to $20 per month for bike commuting expenses without counting this as taxable income. Though the IRS suspended this benefit as of 2018, Reed will continue to honor it as in the past with the only change being that your reimbursement will now be taxed.
Permissible expenses are the purchase of a bike, bike improvements, tune-ups, repairs and other costs that can reasonably be considered bike expenses (clothing related to biking is not considered eligible for this reimbursement). Those who get to and from work primarily by bike (i.e. 3/5 of the work days in a month) are eligible for reimbursement for that month. Receipts for services and parts must be within a month in which you commuted to work by bike at least 3/5 of the time.
Call HR prior to making your bike purchase if you have questions. You must make your bike related purchases within a month in which you ride.
Bike commuters will collect receipts from January 1, 2024 to December 31, 2024 and submit the reimbursement request form no later than January 31, 2025.