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 bicycle credit in the list of credits that can be claimed, ensuring that it is recognized alongside other tax credits. The legislation aims to promote bicycle purchases as a means of encouraging environmentally friendly transportation options while providing financial relief to qualifying families.

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