Senate Bill 344 introduces a refundable income tax credit for individuals purchasing bicycles, including electric bicycles, for their dependents. The credit is capped at $200 per dependent and is available only to individuals whose family income does not exceed 200 percent of the federal poverty line. To claim the credit, individuals must provide documentation of the bicycle purchase price with their tax return. If the credit amount exceeds the individual's tax liability, the excess will be refunded.

The bill also includes amendments to existing statutes, specifically adding the bicycle credit to the list of credits under section 71.10 (4) (i). Additionally, it creates new sections 20.835 (2) (er) and 71.07 (8w) to outline the specifics of the bicycle credit, including definitions, filing claims, limitations, and administration. Notably, the bill specifies that no credit can be claimed by part-year residents or nonresidents, and it establishes a requirement for claims to be submitted within a specified period.

Statutes affected:
Bill Text: 71.10(4)(i), 71.10