S. 858 (110th): Bicycle Commuters Benefits Act of 2007

110th Congress, 2007–2009. Text as of Mar 13, 2007 (Introduced).

Status & Summary | PDF | Source: GPO

II

110th CONGRESS

1st Session

S. 858

IN THE SENATE OF THE UNITED STATES

March 13, 2007

(for himself, Ms. Snowe, Ms. Collins, Mr. Enzi, Mr. Menendez, Mr. Inouye, Mr. Durbin, and Mr. Sanders) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to extend the transportation fringe benefit to bicycle commuters.

1.

Short title

This Act may be cited as the Bicycle Commuters Benefits Act of 2007.

2.

Extension of transportation fringe benefit to bicycle commuters

(a)

In general

Paragraph (1) of section 132(f) of the Internal Revenue Code of 1986 (relating to general rule for qualified transportation fringe) is amended by adding at the end the following:

(D)

Bicycle commuting allowance.

.

(b)

Bicycle commuting allowance defined

Paragraph (5) of section 132(f) of the Internal Revenue Code of 1986 (relating to definitions) is amended by adding at the end the following:

(F)

Bicycle commuting allowance

The term bicycle commuting allowance means an amount provided to an employee for transportation on a bicycle if such transportation is in connection with travel between the employee’s residence and place of employment.

.

(c)

Limitation on exclusion

Subparagraph (A) of section 132(f)(2) of the Internal Revenue Code of 1986 (relating to limitation on exclusion) is amended by striking subparagraphs (A) and (B) and inserting subparagraphs (A), (B), and (D).

(d)

Effective date

The amendments made by this section shall apply to taxable years beginning after December 31, 2007.