Across the nation, businesses and employees alike are taking advantage of a federal law designed to encourage the use of alternative forms of transportation. Section 132 (f) of federal tax law allows employees to reduce their commuting costs by up to 40% while helping employers save 10% or more on payroll taxes. That said, percentages and figures aside, you are using tax-free dollars to pay for your commuting expenses! And while you are saving money, the environment is being spared.
This is done via something called a Commuter Check. It functions as a tax-free employee benefit, sold to employers and purchased as either a supplemental employee benefit or substitute for taxable salary. "So how does NYCeWheels fit in?," you ask? Well, there are specific Commuter Checks for Bicycling! With these employees that bike to work can use their commuter benefit toward equipment purchases, bicycle purchases, repairs, and storage.
Every person can obtain one Commuter Check (for an amount of $20) every month. You can put this towards a tune-up or repair here at NYCeWheels, some accessories for your electric bike or folding bike, or best yet, apply them towards a type of lay-away. Hand us one $20 check a month as down-payment, and after 10 months to a year you'll have paid for a new Xootr scooter! After a similar period of time, you can also knock a good chunk of change off of a new bike. Is it almost time to get a new battery for your electric bike? Cut the cost drastically by letting your Commuter Check down-payments build-up.
So what can you get at NYCeWheels with these commuter checks?
Sign up and wait for a few months and you can save up for the following items:
11 months = The awesome, best there is Xootr kick scooter
2 years = A Replacement battery for your electric bike
4 years = The best of the best foldup bicycles, the Brompton Folding Bike
Sign up now for the program. If you buy an electric bike this year, you can earn credit for a new battery 2 years down the road when you'll need a new one anyway. What a great idea!
Simply have your employer sign up for the program, and they can save up to 10% in payroll taxes. Everyone wins: commuters, employers, and the environment. Take advantage of this great deal. After all, it's your tax dollars!
