Trader Dan Comments On The Bailout Bill

Posted at 4:03 PM (CST) by & filed under Trader Dan Norcini.

Dear CIGAs,

The whole world will end unless Congress passes this bill we are warned… this bill is about freeing up the credit markets we are told….Wall Street must be bailed out or else Main Street will fall we are told….

Yes indeed, we must make certain that employees that ride bicycles to work instead of driving those dirty cars can have their employers can pay for those expenses….

Unreal – this has become nothing but a pork barrel spending project loaded with goodies….

Trader Dan

Click here to view the full text of the bailout bill…

Email your State Senator and let them know your opinion on the Bailout Bill:

Click here for a complete contact list of all US Senators…

205 (Page 205 in the link above)
1 SEC. 211. TRANSPORTATION FRINGE BENEFIT TO BICYCLE
2 COMMUTERS.

3 (a) IN GENERAL.-Paragraph (1) of section 132(f)
4 is amended by adding at the end the following:
5 ‘‘(D) Any qualified bicycle commuting re
6imbursement.”.
7 (b) LIMITATION ON EXCLUSION.-Paragraph (2) of
8 section 132(f) is amended by striking ‘‘and” at the end
9 of subparagraph (A), by striking the period at the end
10 of subparagraph (B) and inserting ‘‘, and”, and by adding
11 at the end the following new subparagraph:
12 ‘‘(C) the applicable annual limitation in
13 the case of any qualified bicycle commuting re
14 imbursement.”.
15 (c) DEFINITIONS.-Paragraph (5) of section 132(f)
16 is amended by adding at the end the following:
17 ‘‘(F) DEFINITIONS RELATED TO BICYCLE
18 COMMUTING REIMBURSEMENT.-
19 ‘‘(i) QUALIFIED BICYCLE COMMUTING
20 REIMBURSEMENT.-The term ‘qualified bi
21 cycle commuting reimbursement’ means,
22 with respect to any calendar year, any em
23 ployer reimbursement during the 15-month
24 period beginning with the first day of such
25 calendar year for reasonable expenses in
26 curred by the employee during such cal

206
1 endar year for the purchase of a bicycle
2 and bicycle improvements, repair, and stor
3 age, if such bicycle is regularly used for
4 travel between the employee’s residence
5 and place of employment.
6 ‘‘(ii) APPLICABLE ANNUAL LIMITA
7 TION.-The term ‘applicable annual limita
8 tion’ means, with respect to any employee
9 for any calendar year, the product of $20
10 multiplied by the number of qualified bicy
11 cle commuting months during such year.
12 ‘‘(iii) QUALIFIED BICYCLE COM
13 MUTING MONTH.-The term ‘qualified bi
14 cycle commuting month’ means, with re
15 spect to any employee, any month during
16 which such employee-
17 ‘‘(I) regularly uses the bicycle for
18 a substantial portion of the travel be
19 tween the employee’s residence and
20 place of employment, and
21 ‘‘(II) does not receive any benefit
22 described in subparagraph (A), (B),
23 or (C) of paragraph (1).”.
24 (d) CONSTRUCTIVE RECEIPT OF BENEFIT.-Para
25 graph (4) of section 132(f) is amended by inserting

207
1 ‘‘(other than a qualified bicycle commuting reimburse
2ment)” after ‘‘qualified transportation fringe”.
3 (e) EFFECTIVE DATE.-The amendments made by
4 this section shall apply to taxable years beginning after
5 December 31, 2008.