Bill > A5556

Introduced Session

This bill provides gross income tax credits to taxpayers who purchase certain low-speed electric bicycles. Under the bill, the amount of the credit would equal 30 percent of the costs incurred by a taxpayer for the purchase of a qualifying low-speed electric bicycle, up to a maximum credit of $1,500 for the taxable year. In addition, the amount of the credit, together with any other tax credits allowed by law, may not reduce the taxpayer's gross income tax liability to an amount less than zero. To qualify for the credit, the taxpayer may not use the low-speed electric bicycle for business purposes, and the bicycle may cost no more than $8,000 to purchase. The bill defines "low-speed electric bicycle" to mean a two or three-wheeled vehicle with fully operable pedals, an electric motor of less than 750 watts, and that meets the requirements of a "class 1 low-speed electric bicycle" (i.e., a low-speed electric bicycle equipped with a motor that provides assistance only when the rider is pedaling, and that ceases to provide assistance when the bicycle reaches the speed of 20 miles per hour) or a "class 2 low-speed electric bicycle" (i.e., a low-speed electric bicycle equipped with a motor that may be used exclusively to propel the bicycle, and that is not capable of providing assistance when the bicycle reaches the speed of 20 miles per hour).

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Sean Kean (R)*,  Edward Thomson (R)*, 

Introduced, Referred to Assembly Environment and Solid Waste Committee (on 05/05/2021)