e-bike tax credit!

GoldenMotor.com

paul

Well-Known Member
Dec 23, 2007
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August 2, 2012 at 6:02 pm
Senate committee approves tax credit for EV bikes, motorcycles

  • By David Shepardson
  • Detroit News Washington Bureau

From The Detroit News: http://www.detroitnews.com/article/20120802/BIZ/208020497#ixzz22X34kekK

Washington- The Senate Finance Committee approved a $2,500 tax credit for electric bikes and motorcycles — a move that could help spur the EV bike industry.
Sen. Ron Wyden, D-Oregon, introduced the amendment to reinstate the tax break that was approved in 2009 as part of the $800 billion stimulus package, but expired on Jan. 1.
The tax break was necessary with "thousands of jobs on the line" and will only cost $15 million over two years, Wyden said.
The bill would end an existing EV tax credit for golf carts that can't be taken on public highways. "There's no reason to have a credit for a golf cart," Wyden said.
The EV bikes would be eligible for a 10 percent federal tax credit up to a maximum of $2,500.
"This is about good paying American jobs," Wyden 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?"
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"?"
Sen. Jeff Bingaman, D-N.M., said the measure was about supporting U.S. manufacturing and boosting the EV market. "This is one of the real opportunities," Bingaman said.
Sen. Debbie Stabenow, D-Lansing, said the tax credit was necessary to incentivize production in the United States.
The committee approved the amendment by a voice vote as part of a broader package of tax measures.
Oregon is home to Ashland-based Brammo Inc., a leading builder of EV bikes. Last month, it said it had closed the first $13 million of a $45 million funding round — and is backed by Polaris Industries and others.
"This funding will ensure we continue to accelerate production to capitalize on the growing demand for electric motorcycles," said Brammo CEO Craig Bramscher.
About 25 million electric bikes were sold in China last year, compared with less than 100,000 in the United States.


From The Detroit News: http://www.detroitnews.com/article/20120802/BIZ/208020497#ixzz22X3CSoLJ
 

Velodrome

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May 27, 2011
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So, If passed how would this work? Say I wanted to buy a Golden motor complete bike for $1900 how would that effect my taxes?
 

paul

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Dec 23, 2007
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if i read it right you could use it as a tax deduction. not sure though. waiting to here more about it
 

GearNut

Active Member
Aug 19, 2009
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So, If passed how would this work? Say I wanted to buy a Golden motor complete bike for $1900 how would that effect my taxes?
The article mentioned a 10% credit, so your $1900 bike would get you a $190 tax credit.
The maximum credit is $2500 so you gotta build or buy a $25,000 bike to realize that tax credit.