Assembly Bill 333 proposes the creation of a refundable income tax credit for individuals purchasing 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 amendments to existing statutes, specifically adding the bicycle credit to the list of credits under section 71.10 (4) (i). Additionally, it establishes new sections 20.835 (2) (er) and 71.07 (8w), which outline the definitions, filing claims, limitations, and administration of the bicycle credit. Notably, the bill specifies that no credit can be claimed by part-year residents or nonresidents, and it must be claimed within a specified period.

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