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The Green Life: Bikes and Banking

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October 16, 2008

Bikes and Banking

Bike_commute_istock_000006065227xsmWhat do banks and bikes have in common? The controversial $700 billion financial bailout bill, which promises to help institutions reeling from the credit-crisis tailspin, also includes a few perks for the average green citizen. Beginning in January 2009, bicycle commuters will be eligible to receive a monthly $20 reimbursement for bike-related expenses from their employers, who can then deduct the expenses from their federal taxes. Exactly how employers will structure the incentive program can vary, so to help cyclists take advantage of the new legislation, the League of American Bicyclists will provide updates and tips in the "Frequently Asked Questions" section of its Web site. Even though there's no "billion" following the $20 reimbursement, advocates hope the measure will raise awareness of the benefits of bicycling. And as more commuters ditch their cars, bike sales are booming. Does this mean we'll see a rise in "bike-thru" banking lanes? 

Want to learn more? Read the text of the bailout bill here. Read the text of Bicycle Commuter Tax Provision here.

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