Sec. 90436. Modification of employer-provided fringe benefits for bicycle commuting
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Section 132(f) is amended by striking paragraph (8). Clause
(i)of section 132(f)(5)(F) is amended by striking a bicycle and all that follows and inserting bikeshare, a bicycle, and bicycle improvements, repair, and storage, if the employee regularly uses such bikeshare or bicycle for travel between the employee’s residence and place of employment or mass transit facility that connects an employee to their place of employment. . Section 132(f)(5)(F) is amended by adding at the end the following: The term bikeshare means a bicycle rental operation at which bicycles are made available to customers to pick up and drop off for point-to-point use within a defined geographic area. . Section 132(f)(5)(F), as amended by subsection (b)(2), is amended by adding at the end the following: The term bicycle includes a two- or three-wheeled vehicle with fully operable pedals and an electric motor of less than 750 watts (1 h.p.), whose maximum speed on a paved level surface, when powered solely by such a motor while ridden by an operator who weighs 170 pounds, is less than 20 mph. . Clause
(iii)of section 132(f)(5)(F) is amended to read as follows: The term qualified bicycle commuting month means, with respect to any employee, any month during which such employee regularly uses a bicycle for a portion of the travel between the employee’s residence and place of employment. . Subparagraph
(C)of section 132(f)(2) is amended by striking applicable annual limitation and inserting applicable monthly limitation . Clause
(ii)of section 132(f)(5)(F) is amended to read as follows: The term applicable monthly limitation , with respect to any employee for any month, means an amount equal to 20 percent of the dollar amount in effect for the month under paragraph (2)(B). . Subparagraph
(B)of section 132(f)(2) is amended by inserting and the applicable monthly limitation in the case of any qualified bicycle commuting benefit . Paragraph
(4)of section 132(f) is amended by striking (other than a qualified bicycle commuting reimbursement) . Paragraphs (1)(D), (2)(C), and (5)(F) of section 132(f) are each amended by striking reimbursement each place it appears and inserting benefit . The amendments made by this section shall apply to taxable years beginning after December 31, 2020.