The “E-BIKE” Act would have provided a refundable tax credit up to $1,500 on the purchase of a new e-bike. Authored by Congressmen Panetta (D-Calif) and Blumenauer (D-Ore), it would have paid up to 30% of the cost of a new e-bike.
But now the bill has gone into the Legislative buzzsaw of the House Ways and “Means-Testing” Committee, and has been significantly watered down — to the point of being largely useless. The e-Bike refundable tax credit is now just 15% of the purchase price, capped at $1,500 total. And the credit phases out starting at $75,000 of adjusted gross income.
For comparison, the same bill would provide a $12,000 subsidy for the purchase of a $74,000 F150 electric pickup truck to a family with $800,000 annual income.
(For details, see Sec. 136401/136407 here)
It’s even worse than what you write! Any e-bike over $8000 is ineligible, and 15% of $8000 is $1200, so it seems impossible to claim any more than $1200 in any case.
…on top of which, you have to buy a bike for *exactly* $8000 to get the full $1200. More, and you get nothing; less, and it’s reduced proportionately. For the pickup truck, it doesn’t matter how much you spend, as long as it’s under $74k and over $24k– you get the same credit.
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