Q – How will the Congressional bailout positively impact me?
A – That depends on how you get to work Mr. Middle Class Small Business Owner.
Q – Well I ride my bike. I actually sold my car. So again what’s in the bailout for ME?
A - There’s this one thing I think you’ll like, you energy bar eating, bike riding hippie…hold on…(turning pages SFX)…Here it is. We call it Sec 211, “The transportation fringe benefit to bicycle commuters” and it goes a little something like this:
(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