Renewable Energy and Energy Conservation Tax Act
H.R.2776, the Renewable Energy and Energy Conservation Tax Act of 2007 will give incentives for employees who bike to work:
SEC. 205. EXTENSION OF TRANSPORTATION FRINGE BENEFIT TO BICYCLE COMMUTERS.
...QUALIFIED BICYCLE COMMUTING REIMBURSEMENT- The term `qualified bicycle commuting reimbursement' means, with respect to any calendar year, any employer reimbursement during the 15-month period beginning with the first day of such calendar year for reasonable expenses incurred by the employee during such calendar year for the purchase of a bicycle and bicycle improvements, repair, and storage, if such bicycle is regularly used for travel between the employee's residence and place of employment.
...APPLICABLE ANNUAL LIMITATION- The term `applicable annual limitation' means, with respect to any employee for any calendar year, the product of $20 multiplied by the number of qualified bicycle commuting months during such year.
Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.
Of course, the whole energy bill is much larger in scope and the incentive to bicycle commuters is only a tiny fraction of it, yet it is already being used as a tool of ridicule by Congressman Patrick McHenry, whose campaign coffers happen to be stuffed by the automotive and oil industry.
Labels: bicycle, bike to work, commute, transportation
