full storyOriginally Posted by BikePortlandOn the heels of record profits by the big five oil companies, U.S. Congressman Earl Blumenauer (D-Portland) will once again try to enact a tax benefit for bike commuters and close the “Hummer tax loophole.”
The bike commuter tax benefit (a.k.a. the Bike Commuter Act and the Conserve By Bike provision) would amend the IRS code to include “bicycles” in the definition of transportation covered by fringe benefits. The Hummer tax loophole would fix what Blumenauer refers to as “a serious mistake” in the tax code that provides an additional tax break for business purchases of luxury SUVs weighing over 6,000 lbs.
According to a statement from Blumenauer’s office announcing vote, several weeks ago Exxon Mobil reported earning $40.6 billion in 2007 — the largest corporate profit in American history — equal to $132 for every U.S. resident (or $1,287 of profit for every second of 2007).
The bike commuter and Hummer loophole provisions are two of four provisions introduced by Blumenauer that are part of the Renewable Energy and Energy Conservation Tax Act (H.R.5351) that the House will vote on tomorrow.
Both provisions were part of an Energy Plan that passed the House back in August, but were later stripped by the Senate before passage of the Plan.