Critical masses (revisited)

biker bailout?

Yesterday while I was winging my way back from D.C., the US Senate passed H.R.1424, commonly referred to as the $700 billion economic bailout plan. More precisely it's

[a] bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.

Among a wide range of benefits, for those of us who are not bankers, is Sec. 211: Transportation fringe benefit to bicycle commuters in Title II - Transportation and Domestic Fuel Security Provisions:


Qualified bicycle commuters will be eligible for an annual reimbursement covering all reasonable expenses incurred during the calendar year ...


These include the purchase of a bike as well as improvements, repair, and storage, if you commute regularly between your home and workplace.


If passed by the US House of Representatives, this section will apply to taxable years beginning after 5 December 2008.

UPDATE

The US House of Representatives has voted
by 263-171 in favor of the $700bn plan.