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http://www.detroitnews.com/article/...to01/Senate-panel-passes-electric-bike-credit
What does this mean? Trying to find the source legislation... This appears it may be targetted only at electric "motorcycles" but I'm looking for the details...
Press release from Senator Wyden of Oregon:
http://www.wyden.senate.gov/news/pr...-tax-credit-for-electric-motorcycle-purchases
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August 3, 2012 at 1:00 am
Senate panel passes electric bike credit
By David Shepardson
Detroit News Washington Bureau
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 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 U.S. manufacturers need the incentive.
About 25 million electric bikes were sold in China last year, compared with fewer than 100,000 in the United States.
dshepardson@detnews.com
(202) 662-8735
What does this mean? Trying to find the source legislation... This appears it may be targetted only at electric "motorcycles" but I'm looking for the details...
Press release from Senator Wyden of Oregon:
http://www.wyden.senate.gov/news/pr...-tax-credit-for-electric-motorcycle-purchases
Wyden Amendment Extends Tax Credit for Electric Motorcycle Purchases
Thursday, August 2, 2012
Washington, D.C. – With the electric motorcycle industry poised to create thousands of American jobs over the next five years, U.S. Senator Ron Wyden (D-Ore.) was able to successfully extend and streamline the tax credit for the purchase of new electric motorcycles as part of the tax extenders package being debated in the Senate Finance Committee.
“Right now, companies like Brammo in Oregon are keeping the American electric vehicle industry on the cutting edge,” Wyden said. “But without an extension of this tax credit for the purchase of electric motorcycles, we could be stifling this innovative new industry in its infancy. This amendment will combine existing tax credits into one credit covering all highway-ready vehicles. It will support red, white and blue jobs and a new American-led industry that has real promise to serve our growing transportation and environmental needs.”
Craig Bramscher, CEO of Brammo, said, “this tax credit has helped many U.S. buyers of our motorcycles make the decision to become early adopters of EV technology. With the extension of the tax credit, we are confident that the next wave of electric motorcycle owners will be encouraged to take to the road on zero emission vehicles. We're assembling these motorcycles right here in Oregon and be will expanding our workforce to make that possible. This, of course, continues to ripple across our suppliers and dealer network.”
Wyden’s amendment combined existing tax credits for all electric vehicles to one credit that includes electric motorcycles. It also eliminated low speed vehicles like electric golf carts from being eligible for the consolidated tax credit. The renewed credit will provide up to a $2500 tax credit to customers for the purchase of an electric motorcycle. The electric motorcycle industry is expected to create nearly 2,000 jobs in just the next 18 months and more than 16,000 jobs over the next 5 years.
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