MN HF4612

Establishes a state tax credit for employers equal to 30 percent of qualified bicycle commuting reimbursements paid to employees during the taxable year for use in Minnesota.

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

Reimbursements must comply with applicable monthly and annual limitations specified in Internal Revenue Code section 132(f)(5)(F).

Amends Minnesota Statutes 2020, section 290.06, subdivision 28, which previously contained only a transit pass credit.

Effective for taxable years beginning after December 31, 2021.