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Bicycle Commuter Act of 2023
3/12/2024, 4:07 AM
Summary of Bill S 1724
Bill 118 s 1724, also known as the Bicycle Commuter Act of 2023, is a piece of legislation introduced in the US Congress with the aim of promoting and incentivizing bicycle commuting. The bill seeks to encourage more people to use bicycles as a means of transportation by providing tax benefits to individuals who commute to work using a bicycle.
Under the provisions of the bill, eligible individuals would be able to receive a tax credit for expenses related to bicycle commuting, such as the purchase of a bicycle, bicycle maintenance, and bicycle storage. The tax credit would be capped at a certain amount per year, and individuals would need to keep records of their expenses in order to claim the credit.
In addition to the tax credit, the bill also includes provisions for the creation of bicycle infrastructure and facilities, such as bike lanes, bike racks, and bike sharing programs. These measures are intended to make bicycle commuting safer and more convenient for individuals who choose to use this mode of transportation. Overall, the Bicycle Commuter Act of 2023 aims to promote sustainable transportation options, reduce traffic congestion, and improve air quality. By providing tax incentives and investing in bicycle infrastructure, the bill seeks to encourage more people to consider biking as a viable and environmentally friendly alternative to driving.
Under the provisions of the bill, eligible individuals would be able to receive a tax credit for expenses related to bicycle commuting, such as the purchase of a bicycle, bicycle maintenance, and bicycle storage. The tax credit would be capped at a certain amount per year, and individuals would need to keep records of their expenses in order to claim the credit.
In addition to the tax credit, the bill also includes provisions for the creation of bicycle infrastructure and facilities, such as bike lanes, bike racks, and bike sharing programs. These measures are intended to make bicycle commuting safer and more convenient for individuals who choose to use this mode of transportation. Overall, the Bicycle Commuter Act of 2023 aims to promote sustainable transportation options, reduce traffic congestion, and improve air quality. By providing tax incentives and investing in bicycle infrastructure, the bill seeks to encourage more people to consider biking as a viable and environmentally friendly alternative to driving.
Congressional Summary of S 1724
Bicycle Commuter Act of 2023
This bill reinstates and expands the tax exclusion for employer-provided fringe benefits for bicycle commuting. It allows employees a bicycle commuting benefit equal to 30% of parking fringe benefits.
The bill repeals the suspension period (2018-2025) applicable to such tax exclusion and revises definitions applicable to bicycle commuting benefits to make electric bicycles and certain scooters eligible for the tax exclusion.
Read the Full Bill
Current Status of Bill S 1724
Bill S 1724 is currently in the status of Bill Introduced since May 18, 2023. Bill S 1724 was introduced during Congress 118 and was introduced to the Senate on May 18, 2023. Bill S 1724's most recent activity was Read twice and referred to the Committee on Finance. as of May 18, 2023
Bipartisan Support of Bill S 1724
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1724
Primary Policy Focus
TaxationAlternate Title(s) of Bill S 1724
Bicycle Commuter Act of 2023
Bicycle Commuter Act of 2023
A bill to amend the Internal Revenue Code of 1986 to modify employer-provided fringe benefits for bicycle commuting.
Comments
Sponsors and Cosponsors of S 1724
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