S.712 - Federal Government - A bill to amend the Internal Revenue Code of 1986 to equalize the exclusion from gross income of parking and transportation fringe benefits and to provide for a common cost-of-living adjustment, and for other purposes.

Commuter Benefits Equity Act of 2007 - Amends the Internal Revenue Code to equalize and increase to $200, with a modified cost-of-living adjustment, the tax exclusion for both transportation and parking fringe benefits. Extends such benefits to federal employees.