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 provisions for the administration of the credit and specifies that it applies to taxable years beginning after December 31, 2024. Additionally, it amends existing law to include the new bicycle credit in the list of credits that can be claimed. The bill aims to promote bicycle purchases among low- to moderate-income families while providing a financial incentive for such purchases.

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