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 an appropriation to support the implementation of this tax credit, as indicated by the creation of a new section in the statutes (20.835 (2) (er)). Additionally, it amends existing law to include the new bicycle credit in the list of credits that can be claimed against income tax. The bill outlines specific limitations on eligibility, including restrictions on part-year residents and nonresidents, and requires claims to be filed within a specified period.

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