[Willows]

E-bikes and electric motorcycles could be getting a nice tax credit from The Build Back Better Act that's currently going through congress.

The version that passed the house of representatives includes a 30% tax credit for e-bikes and electric motorcycles!

The credit tops out at $1,500 for e-bikes, and $7,500 for electric motorcycles.

https://jalopnik.com/e-bikes-and-electric-motorcycles-could-get-a-major-tax-1848102182

The credit tops out at $1,500 for e-bikes, and $7,500 for electric motorcycles. At that 30% rate, that means you’ll be spending $5,000 on an e-bike to see the full potential of the credit — though no more than $8,000, the value at which the credit disappears. For motorcycles, getting the full $7,500 back means spending $25,000 on your new ride.

The credits are fully refundable, meaning you don’t need to owe $7,500 in taxes to get $7,500 in returns, but they’re limited by income — the credit starts to phase out once you earn above $75,000 per year. Those two stipulations point to a credit specifically designed to make EVs accessible to lower-income people, an admirable endeavor for Congress to undertake.

 

[JoeG]

I wonder if you can get a tax credit for a bike already purchased?

 

[victrolux]

I wonder if you can get a tax credit for a bike already purchased?

I believe I saw a description of the bill which indicates something like “putting a bike into use” in the tax year is all that matters. Which makes me think that a bike put into use during the year bill takes affect might be covered retroactively to the beginning of the year. but just guessing there.

 

[Willows]

I believe I saw a description of the bill which indicates something like “putting a bike into use” in the tax year is all that matters. Which makes me think that a bike put into use during the year bill takes affect might be covered retroactively to the beginning of the year. but just guessing there.

You're right @victrolux. One e-bike per taxable year and two for joint filers.

Biden's compromise legislation platform returns e-bike tax credit to original rate

WASHINGTON (BRAIN) — President Joe Biden released a revamped climate-change plan Thursday as part of his Build Back Better Act that includes restoring the originally proposed e-bike tax credit percentage while keeping the bicycle commuter benefit unchanged.

www.bicycleretailer.com

The tax credit can be applied to the purchase of a new e-bike (the first $5,000) up to $750 benefit value. It allows taxpayers to claim credit for one e-bike per taxable year — two for joint filers — beginning in 2022.

 

[Yeahoo]

I’m wondering if I should wait until 2022 for tax credit or buy now before $1000 off sale ends on Monday November 29

 

[victrolux]

… And don’t forget everybody there is an income level ceiling on this offer. I think individual income above 75,000 and family income above 150 or so begins to diminish the rebate.

 

[erikarmstrong]

The credit finishes out at $1,500 for e-bicycles, and $7,500 for electric bikes. At that 30% rate, that implies you'll burn through $5,000 on an e-bicycle to see the maximum capacity of the credit — however something like $8,000, the worth at which the credit vanishes. For cruisers, getting the full $7,500 back implies burning through $25,000 on your new ride.

 

[steevpearce]

Unfortunately it’s a dead bill. The e-bike rebate is only mostly dead as supporters plot next steps

 

[bincachandon]

I believe I saw a description of the bill which indicates something like “putting a bike into use” in the tax year is all that matters. Which makes me think that a bike put into use during the year bill takes affect might be covered retroactively to the beginning of the year.