Friday, October 3, 2008

Where is Section 211?

Kermit texted me to google bailout bill section 211 and while there are many websites showing the text from said section, I can't find it in the actual bill.

Somebody help!

If you have no luck either, this is what it supposedly says:

“(a) In General- Paragraph (1) of section 132(f) is amended by adding at the end the following:

`(D) Any qualified bicycle commuting reimbursement.’.

(b) Limitation on Exclusion- Paragraph (2) of section 132(f) is amended by striking `and’ at the end of subparagraph (A), by striking the period at the end of subparagraph (B) and inserting `, and’, and by adding at the end the following new subparagraph:

`(C) the applicable annual limitation in the case of any qualified bicycle commuting reimbursement.’.

(c) Definitions- Paragraph (5) of section 132(f) is amended by adding at the end the following:

`(F) DEFINITIONS RELATED TO BICYCLE COMMUTING REIMBURSEMENT-

`(i) QUALIFIED BICYCLE COMMUTING REIMBURSEMENT- The term `qualified bicycle commuting reimbursement’ means, with respect to any calendar year, any employer reimbursement during the 15-month period beginning with the first day of such calendar year for reasonable expenses incurred by the employee during such calendar year for the purchase of a bicycle and bicycle improvements, repair, and storage, if such bicycle is regularly used for travel between the employee’s residence and place of employment.

`(ii) APPLICABLE ANNUAL LIMITATION- The term `applicable annual limitation’ means, with respect to any employee for any calendar year, the product of $20 multiplied by the number of qualified bicycle commuting months during such year.

`(iii) QUALIFIED BICYCLE COMMUTING MONTH- The term `qualified bicycle commuting month’ means, with respect to any employee, any month during which such employee–

`(I) regularly uses the bicycle for a substantial portion of the travel between the employee’s residence and place of employment, and

`(II) does not receive any benefit described in subparagraph (A), (B), or (C) of paragraph (1).’.

(d) Constructive Receipt of Benefit- Paragraph (4) of section 132(f) is amended by inserting `(other than a qualified bicycle commuting reimbursement)’ after `qualified transportation fringe’.

(e) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2008.”

6 comments:

Cliff H. said...

There are links to the full 451 page pdf posted at

http://membikenews.blogspot.com/

Fix Memphis said...

I have the same link up Cliff. But if you click on the pdf and read it there is not a section 211.

bcooper5 said...

Damn that took me a while to find, I found a lot of messed up PDFs...

Below is a link to the entire package, that was passed on the 2nd, this is HR1424.

Look under Title II almost half way down.

http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.1424.eas:

bcooper5 said...

Page 114 on your link.

Jeff said...

Full text of the bill here: http://www.bikeleague.org/news/100708adv.php

FAQ (with more info coming) here: http://www.bikeleague.org/news/100708faq.php

Memphis Cyclist said...

Damn. The MAN really makes this hard.