Tax Credit for eBike Purchases!
The Build Back Better act passed recently by the American House of Representatives offers a tax credit for electronic bicycle purchases which will provide a large push for consumers to invest in a new EV purchase and help grow the already exciting and innovative eBike industry.
Why the inclusion?
The low carbon footprint from eBikes offers a green solution to everything from workplace commutes to recreational travel. The Build Back Better act is provisioned to provide growth opportunities for electronic vehicle production and sales across the United States in a large effort to encourage households to pursue low carbon emissions in their travels.
What does the credit look like?
According to an article published by CNBC, “The version of the social safety net and climate bill that was passed by the House of Representatives offers some Americans a fully refundable, 30% tax credit on purchases of certain e-bikes.
Individuals who make $75,000 or less qualify for the maximum credit of up to $900. Joint filers who make up to $150,000 can qualify for two bikes and up to a $900 tax credit on each. It phases out for taxpayers above those income levels. E-bikes with a sticker price of more than $4,000 don’t qualify for the credit.”
kevin_stank. (2021, December 7). Biden’s build back better bill may save you up to $900 when buying an e-bike. here’s how the proposed Tax Credit Works. CNBC. Retrieved December 17, 2021, from https://www.cnbc.com/2021/12/07/bidens-build-back-better-bill-may-provide-up-to-a-900-e-bike-tax-credit.html