12 2 STA T .384 1 PUBLIC LA W 11 0– 343 —O CT. 3 , 2008 bystrik i ng t hep eri oda ttheendo f s u bparagraph (B) and inserting ‘ ‘ , and ’ ’, and by adding at the end the fo l lo w ing new subparagraph
‘‘( C ) the appli c able annual li m itation in the case of any q ualified bicycle commuting reimbursement . ’’. (c) DEFIN I T I O N S . —P aragraph ( 5 ) of section 132 (f) is amended by adding at the end the following: ‘‘( F ) DEFINITIONS R E LA TE D TO B I CY CLE CO M M U TIN G REIMBURSEMENT.— ‘‘(i) Q UALIFIED BICYCLE COMMUTING REIMBURSE - MENT.— T he 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 e x penses incurred by the employee during such calendar year for the purchase of a bicycle and bicycle impro v ements, repair, and stor- age, if such bicycle is regularly used for travel between the employee’s residence and place of employment. ‘‘(ii) AP PLICABLE ANNUAL LIMITATION.—The term ‘applicable annual limitation’ means, with respect to any employee for any calendar year, the product of $ 2 0 multiplied by the number of qualified bicycle com- muting months during such year. ‘‘(iii) QUALIFIED BICYCLE COMMUTING MONT H .—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 resi- dence and place of employment, and ‘‘(II) does not receive any benefit described in subparagraph (A), (B), or (C) of paragraph (1).’’. (d) CONSTRUCTI V E R ECEIPT OF BENEFIT.—Paragraph ( 4 ) of sec- tion 132(f) is amended by inserting ‘‘(other than a qualified bicycle commuting reimbursement)’’ after ‘‘qualified transportation fringe’’. (e) E FFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 200 8 . TI T LE III — E N E RGYCO N S ER VA TION AN D E F FICIENCY P ROVISIONS SEC.301 . QUALIF IE D E N E RGY C O NSER V A T ION B ONDS. (a) IN G ENERAL.— S ubpart I of part I V of subchapter A of chapter 1, as amended by section 10 7 , is amended by adding at the end the following new section: ‘ ‘SEC. 54 D. QUALIFIED ENERGY CONSERVATION BONDS. ‘‘(a) QUALIFIED ENERGY CONSERVATION BOND.—For purposes of this subchapter, the term ‘qualified energy conservation bond’ means any bond issued as part of an issue if— ‘‘(1) 100 percent of the available pro j ect proceeds of such issue are to be used for one or more qualified conservation purposes, ‘‘(2) the bond is issued by a State or local government, and Ap p licab ili ty.26USC13 2 no t e . 26 USC 132.
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