With gas prices high, many commuters have downgraded from four wheels to two and started riding bikes to work. To help these commuters, Congress passed the Bicycle Commuter Act, which will make bikers eligible for a $20-a-month tax-free reimbursement from their employers for bicycle-related expenses beginning in January.
The League of American Bicyclists say they have been pushing for this legislation for about seven years. Now, the organization is obtaining guidance from the IRS about how employers can set up this type of program.
Thursday, October 16
Bicyclists to Get a Tax "Brake"
One of the sweeteners from the bailout bill that some will appreciate was highlighted on the Ode magazine website.