No. TimeBank hours have been ruled tax exempt on two occasions by the IRS because an hour is always valued at one hour. There is no legal responsibility on anyone’s part to redeem a TimeCredit, it is considered a “non-commercial agreement” and the purpose of TimeCredits is charitable.
- Are there units smaller than one hour, or one TimeBank hour?
- How many dollars is a Time Credit worth? Does a TimeBank hour have a monetary value?