Relocation Allowance Policy
|
Applies to: |
Original Policy Date: |
Date of Last Review: |
Approved By: |
|---|---|---|---|
| All Florida Tech Employees |
August 2017 |
September 5, 2023 |
Dr. John Nicklow |
Policy Title
Relocation Allowance Policy
Policy Owner: Office of Human Resources
Policy Purpose
When it is determined that newly employed faculty or staff require relocation to conduct the University’s activities, the University will take the position of utilizing a nonaccountable plan in accordance with IRS regulations, Publication 521.
Policy Scope
When Relocation Allowance is offered it must be included as a term of employment, and the approved amount must be documented in the hiring contract and on the Relocation Authorization Form. The maximum relocation allowance is $7,500. Relocation allowance will only be considered for a move of greater than 50 miles.
Relocation Eligibility based on Mileage
51 – 500 miles Eligible for up to $3000
501 – 1000 miles Eligible for up to $4500
1001 – 1500 miles Eligible for up to $6000
1501+ miles Eligible for up to $7500
Procedures/Guidelines
The University will provide the relocation allowance as taxable income to the employee on the payroll check following their start date, once approved documents are provided to the Office of Human Resources.
The relocation allowance has no restrictions placed on its use; no receipts should be provided to the University. The full amount provided is taxable income, and deductibility of qualified moving expenses incurred is the responsibility of the employee in completing their federal income tax forms.
Document Links
irs.gov Publication 521