Check out this blog talking about this legislation.
This bill would give companies a $20 tax credit each month for each bike commuter. This $20 is supposed to be passed on to the Bicyclist. Even if that money isn't passed directly on to the commuter, it would build an environment of support for bicyclists at work. Not to mention a healthier workforce.
P.S. Congressman Earl Blumenauer wears a bike pin instead of an American flag. His congressional website is a bike site. He is from Oregon, big surprise!