Apparently the Federal Bailout Bill has some nice little tidbits attached, such as employers being able to claim a $20/month/biker tax relief, passed down to the biking employee via fringe benefits. Now, a couple extra Jacksons in the wallet isn't going to ease much pain, it actually might not even be worth the extra work required to prove qualification, but it's definitely a pedal in the right direction.
Go to page 205:
It goes without saying but I will say it anyway: using cycling for transportation can save you money regardless, even if you already use a thrifty means, like the subway or bus system.
Now all we need are more bike parking spots, tire pumping stations, and severe prosecution for people who park or open their car doors into bike traffic lanes.