Ed: This article has been updated with a comment from Zero Motorcycles.
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. Continue Reading »