PeopleForBikes applauds the introduction of federal legislation to offer an electric bicycle tax credit, helping more people easily get out on two wheels. Led by Congressmen Jimmy Panetta (D-CA) and Earl Blumenauer (D-OR) in the U.S. House of Representatives, the Electric Bicycle Incentive Kickstart for the Environment (E-BIKE) Act prioritizes electric bicycles as a zero-carbon mode of transportation by making them more affordable and accessible for all Americans.
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If signed into law, the bill would offer consumers a refundable tax credit on the purchase of a new electric bicycle. The tax credit would:
- Cover 30% of the cost of an electric bicycle, up to $1,500
- Apply to new electric bicycles that cost less than $8,000
- Be allowed once per individual every three years, or twice for a joint-return couple buying two electric bicycles
- Allow those who do and don’t report income to be eligible
The bill also mandates a report from the Internal Revenue Service after two years to understand the distribution of the credit by income tax bracket and adjust for equity in the future.