Bill > SB344

This bill establishes a new refundable income tax credit for families with low to moderate incomes who purchase bicycles for their dependents. Specifically, the bill allows individuals whose family income does not exceed 200 percent of the federal poverty line to claim a tax credit of up to $200 per dependent for purchasing a bicycle, including electric bicycles, for taxable years beginning after December 31, 2024. A "dependent" is defined according to the Internal Revenue Code, typically meaning a child or qualifying relative who meets certain relationship, age, and financial support criteria. If the tax credit amount exceeds the taxpayer's tax liability, the excess will be paid out as a refund. To claim the credit, individuals must submit documentation to the Department of Revenue verifying the bicycle's purchase price. The credit is only available to full-year Wisconsin residents and must be claimed within the specified tax filing period. This bill aims to make bicycles more affordable for low-income families by providing a direct financial incentive for bicycle purchases.

Budget and Finance

https://docs.legis.wisconsin.gov/2025/proposals/reg/sen/bill/sb344