Last year, Congress included a power-assisted bicycle rebate program in the omnibus transportation finance and policy bill. This year, Minnesotans who purchase a new electric bike will be able to apply for a rebate certificate.
If you're interested in purchasing an electric bike in 2024, here's everything you need to know about electric bike rebates in Minnesota.
How do I apply?
Rebate applications are processed through the Minnesota Department of Revenue. The application process has not yet been determined, but proof of the applicant's adjusted gross income for the previous year will be required. Minnesotans will be able to apply in early summer, Department of Revenue officials said.
Am I eligible for a rebate?
All taxpayers living in Minnesota are eligible for the rebate, except those under the age of 15 and those declared as dependents on someone else's tax return.
How much money can I get?
The maximum rebate is 75% of the electric bike price, up to $1,500. Minnesotans with annual incomes of $25,000 or less, or $50,000 or less for married taxpayers filing jointly, are eligible for the maximum rebate. Income is based on the applicant's adjusted gross income for the previous year.
The more an applicant earns above that threshold, the smaller the rebate will be. The rebate is reduced by one percentage point for every $4,000 the applicant's income exceeds $25,000 for a single taxpayer and $50,000 for a married taxpayer. The discount ends when the rebate certificate reaches his 50% of the price of the electric bike.
No, this program does not apply to previously purchased e-bikes.
How do I redeem my rebate certificate?
Rebate certificates must be used at bike shops that have applied to the Department of Revenue as eligible retailers. When you present your certificate at a participating store, the retailer will reduce the price of your electric bike according to the amount of the certificate.
Applicants are responsible for paying the difference between the rebate certificate and the price of the e-bike (prices range from $1,000 to $10,000).
Electric bike rebate certificates expire two months after the date of issue. Certificates cannot be deposited into a personal bank account and must be redeemed at a participating bike shop.
The application process for bike shops to participate in this program is still ongoing. Once completed, a list of participating retailers will be posted on the Department of Revenue's website.
How long does the program last?
This program expires on June 30, 2026. The state allocates her $2 million in rebates for each year of the program.
Where can I get more information?
For more information, Ministry of Revenue website.
Minnesotans and e-bike retailers interested in rebates can sign up to receive email updates. here.
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