The Bicycle Commuter Benefits Act, signed into law October, 2008 by President George W. Bush, is an optional-benefits program allowing cyclists who bicycle to work to be reimbursed up to $20 a month for costs the rider incurs.
Effective January 1, 2009, bicyclists can benefit from this provision added to Internal Revenue Code, which previously covered only commuters who used mass transit and van pools.
Here is some great info about the Act on the League of American Cyclists website...
Bicycle Commuter Tax Provision
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