Saturday, October 11, 2008

H.R. 1424: Title II: Section 211

As part of the economic bailout that was passed, House of Representatives Bill No. 1424, there was an inclusion in there for bicycle commuters. From what I understand, it is up to the employer to reimburse employees for said expenses; and, employees will be able to exclude said reimbursements for these expenses from their gross income.

See Title II, Section 211 at http://thomas.loc.gov/cgi-bin/bdquery/z?d110:HR01424:@@@L&summ2=m&

"(Sec. 211) Allows employees to exclude reimbursements for bicycle commuting expenses from gross income."

Several questions come to my mind.
1) Is this viable for the 2008 tax year?
2) What are the limitations of said expense reimbursements?
3) Should I get the Kestrel Talon or Felt B12? (My Christmas present may very well be getting here earlier than expected.)

Hmmm...wonder if HR knows about this?
Stevan

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