Check out this article:

http://bicycling.about.com/od/advocacy/tp/bike_commuter_benefit.htm

You can be reimbursed by your company on a tax-free basis for "reasonable expenses" you incur as a bike commuter. This can include the actual purchase of a bicycle and just about any type of accompanying equipment and accessories such as lights, racks and clothing, up to the annual limit of $240, or however much your company chooses to offer.

After reading this it got me thinking about buying a bike as you can surely find one for less than $240 and I can't imagine that a bike costs more than $240 a year to maintain. Unless of course you have a really fancy bicycle or you ride it under extreme conditions.

Let me know if you have ever tried this or have found any other interesting ways to save on commuting to your job.