Minnesota E-Bike Rebates
Minnesota E-Bike Rebates. I'm sure there are some people in the club that may have missed this on the news this last week with the holiday activities etc. Minnesota is going to have a rebate for E-Bikes purchases. The important thing I want to stress as they also did on the news is it is not good for E-Bikes bought in 2023! Therefore, it might make sense to hold off on your purchase until 2024. I have not seen an article on this in detail yet, so what I remember from the news is it is capped at $1,500 and I think its based upon either 75-85% of the bike cost. The kicker is the rebate amount is dependent upon your income so some of you may not qualify, or get a significantly less than the $1,500 max. BEST TO CHECK IT OUT AND LOOK FOR AN ARTICLE ON THIS IF YOU ARE THINKING OF BUYING AN E-BIKE. Also pay close attention to the tax year they are going to use. My friend today said he heard it was 2021. I think if it for bikes bought in 2024 then they will be using 2022.
My understanding of the passed law is that the tax rebate will be for future ebikes - it is not retroactive. My information is only as good as the source cited below:
To claim the credit, a taxpayer must apply to the commissioner of revenue for a credit certificate before going to an authorized retailer. That certificate must be used within three months of issuance.
There's no word yet on when the credits will start being issued. The commissioner of revenue will decide when applications open. However, the $4 million was set aside to be applied towards the 2024 and 2025 calendar years.