The world is going to hell and this is how your CONGRESS is going to save us.

On September 29, 2008 as everyone watched Nancy talk down to the Republicans we listened as vote for a rescue (formally known as a bailout) plan went thru the roll call. Then came the point, where it ain't going to pass. Over the weekend the statemens in the Senate went to work and came out on October 1, 2008 and passed their own rescue bill 74 to 25, only Ted Kennedy wasn't able to vote as he continues to fight cancer.

The ball was back into Nancy's lap...the pressure was on to save America, save the World and to save their own images as the election day draws near. It was hard work to find enough votes to pass HR1412, but they were able to save all of us from pending doom.......
It all came down to this:
SEC. 211. TRANSPORTATION FRINGE BENEFIT TO BICYCLE COMMUTERS.
(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.

We can all rest better knowing that those who ride their bikes to work are entitled to a tax credit which saved the world...........

This is almost as good as EVERY AMERICAN who earns under 26k is entitled to a cell phone, complete with voice mail, you are entitled to this if you are on "ANY" goverment assistant program...