Federal Lawmakers Reintroduce Bill For $1,500 E-Bike Tax Credit
Federal lawmakers in the USA have reintroduced a bill that would provide select e-bike owners with the ability to claim a $1,500 tax credit.
According to a new report from ABC News, the Electric Bicycle Incentive Kickstart for the Environment (E-BIKE) Act would provide a refundable tax credit amounting to 30% of the e-bike's purchase price, up to a maximum of $1,500.
According to this reintroduced legislation, any new e-bike priced under $8,000 would be eligible for the refund. In the original proposal -- which was part of President Joe Biden's Build Back Better plan -- only bikes priced under $4,000 would qualify.
Additionally, the new bill increases the income threshold to receive the maximum credit to $150,000 for a single filer and $300,000 for married filers.
The bill was reintroduced by California Representatives Jimmy Panetta, Mike Thompson, and Adam Schiff, along with Oregon Representative Earl Blumenauer, who serves as the Congressional Bike Caucus chairman.
Panetta indicated that the bill is a "common sense" way for lower-income American families to reduce their carbon footprint when they might be able to afford an e-bike without the proposed credit.
"By incentivizing Americans to own and use e-bikes, we are allowing them the chance to help improve the quality of life in our communities and tackle the climate crisis in our country," said a statement issued by Panetta.
Schiff also weighed in, noting, “Electric bikes are a phenomenal way to traverse our communities, combining the beauty of the outdoors with the ease and benefits of sustainable transportation. These bikes should be available to all who would choose to use them, which is why I’m proud to join Rep. Panetta’s Electric Bicycle Incentive Kickstart for the Environment Act to help reduce the cost of e-bikes to be more accessible for all families and individuals.”
In 2022, approximately 36.5 million e-bikes were sold worldwide.
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