If you've been considering the idea of purchasing an electric-assisted bicycle (e-bike), but the price tag is a little too cost-prohibitive for you, a new Minnesota program might make buying one of these bikes a lot easier - but this program won't last forever.
The State of Minnesota set aside some money to fund this new e-bike program at a rate of $2 million each year in 2024 and again in 2025, giving Minnesotans the opportunity to take advantage of a program that could pay for up to 75% of the cost of a new e-bike for residents.
If you're looking to take advantage of this new program as it gets ready to open to the public this summer, here's what you need to know.
Who can apply for this e-bike rebate?
Any Minnesota taxpayer that resides in the state is eligible for the rebate, unless you are under the age of 15 or are claimed as a dependent on someone else's tax return.
The amount you will get will depend on your income, offering a rebate of up to 50-75% of the cost of your e-bike.
When can I apply for this rebate?
Minnesota residents will be able to start applying for this e-bike rebate at 11 am on Wednesday, June 5, 2024.
Applications will be able to be submitted via the Minnesota Department of Revenue's page for the rebate.
How much will I get in rebate funds for my e-bike?
The program will give people purchasing a new e-bike a rebate certificate toward their purchase of between 50% and 75% of the cost, up to $1500. It doesn't apply to purchases made before this program started.
The Minnesota Department of Revenue's site for this rebate offers a calculator that can tell you how much of a rebate you can get, based on your 2023 adjusted gross income and your tax filing status.
Those in the lowest tax tiers will be given the largest rebate, while those in higher tax tiers will get the minimum rebate of 50%.
The rebate is not issued as a check you can deposit into a bank account. Rather, it is a certificate you will need to use at an approved retailer.
How does this rebate work?
You'll apply for a certificate through the State of Minnesota, and you'll be issued a rebate certificate starting on July 1 of this year to use at a participating retailer. The certificate will give you the 50-75% off your e-bike, with you being responsible for the remainder fo the cost.
The State of Minnesota says you'll need to use the certificate within two months of getting it, or it will expire.
Not everyone who applies will get a rebate certificate, being there is a limited pool of funding. If you miss out on your chance in 2024, the state will once again open applications in 2025.
If you get one of these rebates this year, will get a 1099-MISC for your 2024 taxes you will need to include when you file your 2024 taxes.
You can read more about this program via the State of Minnesota's webpage about this program.
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Gallery Credit: Nick Cooper