SB 344

This bill creates a refundable tax credit that may be claimed by individuals who purchase bicycles, including electric bicycles, for their dependents. The credit is equal to the price paid for each bicycle, limited to $200 per dependent. The credit may be claimed only by individuals whose family income does not exceed 200 percent of the federal poverty line. Under the bill, the individual must submit with his or her tax return any documentation required by the Department of Revenue regarding the bicycle’s purchase price. Because the credit is refundable, if an individual is eligible to claim an amount as a credit that exceeds his or her income tax liability, the individual receives the excess as a refund.