President Bush signed the Bicycle Commuter Benefits Act into law today.
Congressman Blumenauer of Oregon included a bike commuter benefit provision in HR1424, the $700 billion Wall Street bailout package that passed the house today and was signed by President Bush shortly afterward.
The benefit -- up to $20 per month -- begins with the new year in 2009. Employers may reimburse employees, tax free, for "reasonable" expenses related to their bike commute, including equipment purchases, bike purchases, repairs, and storage if the bicycle is used as a "substantial part" of the commuter's trip to work for the month. If you already receive another commuter tax-free fringe benefit (like a Commuter Check or EcoPass), you don't qualify, so multimodal commuters are out of luck.
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Elsewhere: RideThisBike, Bicycle.Net, Streetsblog, Biking Bis, Bike Portland, Bicycle Diaries, Trek, Rush Limbaugh. Philly Bike News does a cost analysis.