MN SF4171

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

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

Reimbursements are subject to applicable monthly and annual limitations under Internal Revenue Code section 132(f)(5)(F).

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

Effective for taxable years beginning after December 31, 2021.