Senate Bill 344 proposes the creation of a refundable income tax credit for individuals who purchase bicycles, including electric bicycles, for their dependents. The credit is set at a maximum of $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 submit 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 an appropriation to support the implementation of this tax credit. Additionally, it amends existing law to include the new bicycle credit in the list of credits that can be claimed against income tax. The legislation outlines specific definitions, limitations, and administrative requirements for claiming the credit, ensuring that it is only available to eligible claimants and under certain conditions.

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