Seriously, I thought Cochrane was kidding

When he said the revised Paulson Plan is a "pinata full of ridiculousness". So I checked what he referred to with "bicycle commuters" thing in the now big fat 400+ page-long document. Here it is:

Title II. Sect. 211. Transportation fringe benefits to bicycle commuters.

[With]: "(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.... [and some more down the document]

What are we really talking about here?

Update: Winterspeak also thinks its awful.