Bank of America to Reimburse Employees $3K for Hybrids
7 June 2006
Bank of America Corporation is beginning a pilot program to reimburse $3,000 to eligible employees purchasing a new hybrid vehicle. The program will be available to more than 21,000 employees living within 90 miles of Boston, Charlotte, and Los Angeles.
The company will evaluate the pilot, factoring in participation levels and demand to assess how it could be rolled out company-wide. The pilot mirrors the Internal Revenue Service’s hybrid vehicle tax credit program and will apply toward a hybrid vehicle as defined by the IRS.
Employees will be eligible for this reimbursement only once and are responsible for paying taxes on the reimbursement. All full-time and part-time employees working at least 20 hours per week in the three pilot cities are eligible.
Given the size of our commuting associate base, the hybrid program expands our commitment to the environment and helps our associates to participate in making a difference while cutting down on their commuting costs.—Anne Finucane, Bank of America Global Marketing & Corporate Affairs executive
The plan would represent the largest yet in terms of potential employee reach, although other firms such as Google and Hyperion Solutions are offering larger reimbursements. (Earlier post.)
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