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) to outline the specifics of the bicycle credit, including definitions, filing claims, limitations, and administration. The legislation aims to promote bicycle purchases among low-income families while providing financial relief through tax credits.

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