Government Tax Credits For eBikes
Did you know Electric-vehicle production just got another boost from Uncle Sam? This years, the just-approved American Taxpayer Relief Act of 2013 has a section devoted to plug-in electric vehicles and the tax credits for them. The Senate Finance Committee has approved a $2,500 tax incentive for electric bikes and electric motorcycles. The U.S. tax code also offers incentives to purchase energy-efficient cars, including a $7,500 credit for some hybrids and plug-in vehicles. The goal of the bill, is to create and keep U.S. jobs by encouraging growth of American manufacturers through consumer incentives. The new Taxpayer Relief Act has been restored until the end of 2013. A credit of 10 percent of the purchase price, up to a maximum of $2,500, for qualified electric motorcycles and three-wheel Electric vehicles with a battery capacity of at least 2.5 kilowatt-hours
In addition to the IRS’s latest tax incentive, if you are using an electric bike for your work commute at least three days a week you are also eligible for an expense reimbursement of up to $20 per month through your employer. The credit is intended to help offset some of the costs of bike commuting, such as the purchase of a bike, bike lock, helmet, parking pass, maintenance and even shower facilities. Employers can choose to reimburse receipts, or offer monthly payments or vouchers. If your employer doesn’t offer it, find out when they plan to implement it- it’s law as of January 1, 2009. See Section 132(f)(5)(F)(iii) of the Internal Revenue Code of 1986
. Learn more through the League of American Bicyclists
and the office of Congressman Earl Blumenauer
In going green with an eBike or electric bike you are not only being rewarded by the IRS and saving the planet by eliminating harmful toxins and air pollutants. Traveling by electric bike is also fun way to get around town and has its health benefits with a user-selectable mix of battery and pedal power. In addition to the many great advantages to going green, an eBike can reduce your operating costs significantly when contrasted with current fuel prices. Many are staying close to home and are seeking more cost effective means of transportation to local places of interest. Electric Bikes also require very little maintenance and do hold their resale value significantly.