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Tax credit for an electric bicycle?

The United States Senate Finance Committee has voted to approve a new tax credit for the purchase of electric bicycles and motorcycles. The Senate hopes that the tax credit will help improve sales in the electric bike industry within the United States. The actual amount of the tax credit will depend on the purchase price and of the electric bicycle or motorcycle.
 
Buyers will be granted a 10% federal tax credit to a maximum of $2,500. The Senate also voted to end a tax credit for golf carts that weren't legal to be driven on public roads. Senator Ron Wyden said, "There's no reason to have a credit for a golf cart."
 
Wyden continued, "This is about good-paying American jobs. 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?"
 
Not all Senators supported the tax cut for electric vehicles and bicycles. One senator who opposed the tax credit is Orrin Hatch. Hatch warned, "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?"
 
The Detroit News reports that last year about 25 million electric bikes were sold in China compared to fewer than 100,000 in the United States. The tax credit will cost $15 million over two years and will reportedly create thousands of new jobs.

A similar tax credit already exists for electric vehicles.

Sources: Detroit News, InautoNews





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