MN SF4047

Establishes a 30 percent tax credit for employers who provide qualified bicycle commuting reimbursements to Minnesota employees, subject to federal monthly and annual limitations under Internal Revenue Code section 132(f)(5)(F).

Credit applies only during years when the federal qualified transportation fringe benefit for bicycle commuting reimbursements is suspended under Internal Revenue Code section 132(f)(8).

Maintains existing 30 percent tax credit for employers providing transit passes to employees, defining "transit pass" per Internal Revenue Code section 132(f)(5)(A).

For employers who purchase transit passes and resell them to employees, credit is calculated on the difference between the employer's purchase price and the amount charged to employees.

Effective for taxable years beginning after December 31, 2017.