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Minnesota Rolls Out E-Bike Rebate Program: Your Guide to Securing a Green Ride in 2024

Photo from Google
Photo from Google

Minnesota residents gearing up for a sustainable commute in 2024 have reason to rejoice as the state introduces an electric-assisted bicycle rebate program. Passed as part of the Omnibus Transportation Finance and Policy bill last year, the program offers rebate certificates to citizens purchasing new e-bikes. However, those eyeing this eco-friendly initiative must navigate the ins and outs of eligibility, application processes, and redemption criteria.

Photo from Google

Photo from Google

Navigating the Application Process

The Minnesota Department of Revenue will handle rebate applications, with details of the process yet to be finalized. Prospective applicants can anticipate applying in early summer, necessitating proof of adjusted gross income from the preceding year.

Eligibility criteria encompass all Minnesota residents, excluding those under 15 or claimed as dependents on someone else’s tax return. Non-resident taxpayers in Minnesota are also ineligible.

The maximum rebate, capped at 75% of an e-bike’s cost up to $1,500, targets low-income earners. The rebate amount diminishes by one percentage point for every $4,000 earned beyond the $25,000 or $50,000 thresholds, but halts when reaching 50% of the e-bike’s cost. With $2 million allocated annually, the state aims to distribute rebates until June 30, 2026.

READ ALSO: Here Are States Having Unclaimed Stimulus Checks

Redeeming Your E-Bike Dream

Redemption of rebate certificates involves patronizing bike shops endorsed by the Minnesota Department of Revenue. Certificate holders can expect a reduction in e-bike prices according to the certificate amount, with a caveat — the difference between the certificate and e-bike cost falls on the applicant.

While the program fosters greener transportation, applicants must act swiftly, as rebate certificates expire two months post-issuance. Notably, the certificates are non-transferable to personal bank accounts, emphasizing their exclusive use at participating bike shops. As the program gains traction, the Department of Revenue is facilitating the inclusion of bike shops, ensuring a comprehensive list for applicants.

READ ALSO: Social Security Benefits: These Are The Key Details You Need To Be Aware Of

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