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Proposed Tax Credit for Electric Bikes and Electric Motorcycles!
Aug 07, 2012
Get a tax credit on your electric bike purchase?
The United States Senate Finance Committee has approved a tax credit for electric bikes and electric motorcycles.
If the bill passes the credit would be 10% of the purchase price of the electric bike or electric motorcycle, up to $2,500.
The idea is to provide an incentive for people to buy 2 wheeled electric vehicles and boost the e-bike industry in the US.
“This is about good paying American jobs,” Senator Ron Wyden (D-Oregon) said. “These jobs are going to go somewhere. … Are they going to be red white and blue jobs or are they going to be developed by our competitors?” (From The Detroit News)
Of course not everyone is in agreement with this decision.
Sen. Orrin Hatch, R-Utah, questioned the provision and noted that the country faces huge debt and tax issues. If the committee can’t end this tax break, “how can we deal with the bigger issues?”
“Hatch added: “Do we really want to portray ourselves as members of the Finance Committee to drive over the fiscal cliff riding on the back of an electric motorcycle”?” (From The Detroit News)
Well, if you are in the market for a new electric bike this tax credit may just give you the incentive to buy one soon! Stay tuned to see if the bill becomes reality.