Posted on February 26th, 2008 at 1:03 pm.
Summit last year, hopes his Bike Commuter
Act will finally fly with lawmakers.
(Photo © J. Maus)
On the heels of record profits by the big five oil companies, U.S. Congressman Earl Blumenauer (D-Portland) will once again try to enact a tax benefit for bike commuters and close the “Hummer tax loophole.”
The bike commuter tax benefit (a.k.a. the Bike Commuter Act and the Conserve By Bike provision) would amend the IRS code to include “bicycles” in the definition of transportation covered by fringe benefits. The Hummer tax loophole would fix what Blumenauer refers to as “a serious mistake” in the tax code that provides an additional tax break for business purchases of luxury SUVs weighing over 6,000 lbs.[Read more…]