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Electric Bike Credit Approved by Senate Finance Committee

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Electric Bike Credit Approved by Senate Finance Committee

The EV bike industry may see an increase after the Senate Finance Committee agreed to offer a $2,500 tax credit for electric bikes and motorcycles.

The amendment to reinstate the tax break was introduced by Sen. Ron Wyden, D-Oregon and approved in 2009 as part of the stimulus package of $800 billion, but expired on January 1st. The bill would end the current EV tax credit for golf carts since they can’t be taken on public roads anyway, would ad thousands of jobs and would cost $15 million over a period of two years. The EV bikes could be offered a 10% federal tax credit to cover a maximum $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 doubted the provision saying that the country already deals with huge tax issues and debt and if the committee can’t stop this tax break, how would the US face 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?”

by Ana Cezara Savin (my Google+) - Friday, August 3rd, 2012 - filed under Industry, News, Other. Image credit: .
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