Car Allowance?

We used to lease 2 company cars for two employees. one of the leases ran out this week and the car was returned. The co. president has given his remaining leased car to the employee without a car and has bought his own personal car. However he wants me to set up a car allowance for him.
I searched all over for rules regarding this but I can't find any. Are there rules regarding what amount you can pay an employee for a car allowance? i thought maybe there was a certain % allowed or something.

We are in PA.

Thank you for any help you can provide.



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