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The E-Bike Tax Credit is Back
In an effort for cleaner energy in public transit, U.S. lawmakers have re-introduced the e-bike tax credit bill that would allow people to have a tax break when buying an electric bike.
The E-Bike Tax Credit is Back
Published: 04/10/2023
In an effort for cleaner energy in public transit, U.S. lawmakers have re-introduced the e-bike tax credit bill. This bill would allow people to have a tax break when buying an electric bike.
The e-bike tax credit bill has its early stages from the Build Back Better Act. This is part of the current President's plan to rebuild the middle class.
This plan offered tax credits to reduce costs for middle class families switching to clean energy. However, it was dismissed. Fortunately, it was recently re-introduced by U.S lawmakers.
California Rep Jimmy Panetta, who was one of the lawmakers that re-introduced this bill, states "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."
What are E-Bikes?
Electric bikes, or e-bikes are bicycles equipped with an electric bike motor to assist with pedaling. The battery is rechargeable and the motor would have to help the rider rather than propel them.
Compared to a regular bike, electric bikes are usually heavier. This is due to the motors and batteries; but there are some lightweight e-bikes that are around 8 pounds.
This bill was re-introduced in March with some great improvements. For example, a refundable tax credit of 30 percent on the purchase of a new e-bike, up to $1,500. The previous version of the bill offered credit up to $800. The credit is now fully refundable, which would allow people with lower income to claim it.
Cycling and environmental groups have been endorsing this bill. It counts with better numbers and even more supporters of this bill. This can allow many people access to cleaner energy and reliable transportation.
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