What is the official ID of this bill?
The official print number for this legislation is S 881.
Tax Credit for New Electric Bicycle Purchases
This bill introduces a new tax credit allowing citizens to recover 30% of the cost of purchasing a new electric bicycle. The cost of the bicycle taken into account for the credit cannot exceed $5,000. The credit is available to individuals, but the amount is phased out for taxpayers with higher incomes.
Key points
The tax credit is 30% of the bike's cost (the cost taken into account is limited to $5,000).
A taxpayer can claim the credit once every three years (maximum one bike per individual or two for joint filers, reduced by bikes claimed in the two preceding years).
The credit phases out for high-income taxpayers (e.g., above $300,000 for married couples filing jointly).
The bicycle must be new, meet specific safety standards (e.g., UL 2849), and have a vehicle identification number.
The taxpayer can transfer the credit to the retailer in exchange for a payment (e.g., a discount) at the time of purchase.
Status:
Expired
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