Your cooperation in meeting these deadlines is appreciated. The rules for determining the taxable value are contained in Bulletin P-750 issued December 1, 1992. The following rules were in effect January 1, 1999. Once the Annual Lease Value has been established it must be used for a four-year period or until the individual no longer has the vehicle.
Officers are responsible for maintaining documentation to support the business use of the vehicle.
Examples of acceptable substantiation would be account books, diaries, logs receipts, bills, trip sheets or expense forms. Written records made at or near the time the expense was incurred should be maintained to document the time, date, place and purpose of business travel. A form similar to the sample attached to this Bulletin should be completed and signed by each employee covered by the regulations and retained by the agency. The amount is not considered salary for the purposes of computing retirement benefits. Direct Input to PaySR Agencies may enter the taxable value into PaySR on the Time Entry panel or report the transaction on the Miscellaneous Payments File.