Channel3000.comMoney


Related To Story

Feds' Bailout Plan Includes Tax Breaks For Bicyclists

New Tax Breaks Program Starts Jan. 1

UPDATED: 12:09 pm CDT October 10, 2008

The federal government's $700 billion bailout passed almost a week ago, and there's more in the so-called rescue plan legislation than helping the nation's financial sector.

VIDEO: Watch The Report

One measure of the legislation contains an incentive for bicyclists, WISC-TV reported.

When Congress pushed the package through last week, lawmakers lumped in some other less high-profile projects. One of them gives a tax break to bicyclists if they ride to work.

For Matt Logan, his life is something like that of a postman; no kind of weather gets in his way.

"I ride all year -- even through this winter. I've been riding for 10 years," Logan said.

He said that he's committed to commuting on his bike through whatever Mother Nature throws at him.

"(The) first winter I was here, someone laughed at me thinking I'd be able to ride through the winter, but I've learned to deal with it."

Other bicyclists are less committed.

"I'm just a summer rider," said Brad Herrick.

But he and others said that they're no less excited about Congress's decision to extend fringe commuting benefits to bicyclists.

"In the past, if your employer offered a benefit, they could take out pre-tax costs for you to park in a garage, or to use a vanpool," said Robbie Webber, a bicycle advocate.

Now if an employer signs a company up, it can put up to $20 a month back in riders' pockets.

"I think it's great. I think anything that's going to promote bicycle commuting is a step in the right direction," said bike commuter Carin Bringleson.

The money can be used for anything from a place to park a bike in the winter to a new tube for a tire. Some cyclists said that it's a great way to pay them back and get more people riding, WISC-TV reported.

Riders said that the money will surely help

"Anything that would help me to commute to work on my wheels would be very helpful," Herrick said.

"It's definitely a fairness issue to all of this," Logan said. "It's kind of been a gripe that a lot of bicyclists has had."

Some of the bicyclists said that this small action by the government might just make the world a better place.

"People who bike to work take fewer sick days, they're often are more productive, they feel better, and so it's good for everybody," Webber said.

The new federal tax break starts on Jan. 1. The money can also go toward paying for bike gear, racks, day lockers and showers.

Exactly how companies can sign up is still being worked out, officials said.

The money to fund this project is relatively meager in comparison to benefits for some drivers. The government will spend about $1 million a year on the new tax breaks whereas it spends $4.4 billion annually for the parking and transit benefits.

Stay tuned to WISC-TV and Channel 3000 for continuing coverage.

For More Info:




Gas Prices

Gas prices
Keep tabs on the latest news, and calculate the cost of a trip in our special section. More Details


Stock Quotes

GET A QUOTE
Enter Symbol

Credit Center

Most Americans Score 692. Where Do You Rank? Find out Instantly and Online - $0. More
Experian

Best Local Rates On...


More Money

The Dow rallies in the final hour of trading to close nearly 500 points up and over the 8,000 mark. More Details
Save Money

Funding for a pilot project putting a taxi stand downtown after bar time is about to run out. The city has been courting donors in an effort to keep the project alive. More Details
VIDEO: Watch The Report


E-Mail News Alerts
Get breaking news and daily headlines.
Browse all e-mail newsletters