Anyone else tired of hearing about the Fiscal Cliff
yet? We are, and we were hoping to avoid having to write about it on
this blog, but alas, motorcycle world has been drawn into the American Taxpayer Relief Act of 2012 w The Act casts a wide net over many tax issues, including the extension of an existing tax credit for electric motorcycles.
Added to the Act by U.S. Senator Ron Wyden (D-Ore.),
the amendment allows the purchasers of electric two- and three-wheelers
to claim a tax credit worth the lesser of 10% of the cost of the
vehicle or $2,500. The amendment applies to street-legal vehicles
capable of achieving speeds of 45 mph or higher. The amendment also
reduces the requirements for the capacity of the vehicle’s power pack to
2.5 kWh from the previous level of 4 kWh.
The amendment was supported by Republican Congressman Greg Walden and Democrat U.S. Senator Jeff Merkley, both representing Oregon. The state is home to a number of electric vehicle producers including Brammo,
so it’s no wonder the act drew bi-partisan support. Wyden says the
electric motorcycle industry is expected to generate nearly 2,000 jobs
in the next 18 months and 16,000 jobs over the next five years.
“The electric motorcycle industry is poised to create tens of
thousands of U.S. jobs over the next five years, led by companies like
Oregon’s Brammo,” says Wyden. “This amendment helps promote the
development of a promising U.S. industry and support the transition to a
low-carbon American economy.”
The original tax credit for electric motorcycles was introduced as
part of the American Recovery and Reinvestment Act of 2009. The
amendment applies to electric motorcycles acquired from Dec. 31, 2011 to
Jan. 31, 2014. ABCNews
estimate legislation will result in $4 million in tax credits for
electric motorcycles owners, a large sum of money but miniscule compared
to the overall U.S. budget. A similar tax credit worth up to $7,500 for
electric cars was not included in the American Taxpayer Relief Act of
2012 and will remain unchanged.
“This bi-partisan work and cooperation results in jobs and support
for companies like Brammo,” says Craig Bramscher , Chief executive of
Brammo. “We are excited for what this means for electric vehicles and
the electric motorcycle industry, which will make these ‘vehicles of the
future’ more accessible to all consumers.”
It’s not just Oregon businesses that benefit however. Motorcycles
from Zero is Santa Cruz, Calif., also qualify for the tax credit.
“Tax credits for electric motorcycles are not only an effective way
to create jobs, but they are also an investment in clean energy
technology. We think that America can and should lead the world in
cutting-edge clean technology,” says Jay Friedland, vice president of
strategy and sustainability for Zero Motorcycles. “The electric
motorcycle industry is rapidly responding to our country’s need for
affordable and environmentally responsible transportation. We’re pretty
excited to combine our passion for motorcycles with something that
benefits everyone.”
[Source: Sen. Wyden, Brammo, ABCNews through motorcycle.com Dennis Chung]
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