MN SF2653

Creates a refundable and assignable income tax credit equal to 75% of the purchase price for new electric-assisted bicycles, capped at $1,500 per taxpayer ($1,500 per spouse for joint filers).

Reduces credit percentage by one point for every $4,000 of adjusted gross income above $50,000 (joint filers) or $25,000 (other filers) until credit reaches 50% minimum.

Requires taxpayers to obtain a credit certificate from the commissioner before purchasing and assign it to a retailer; certificates expire 3 months if unassigned and 3 months after assignment if used.

Limits taxpayers to claiming and assigning one credit per five calendar year period and prohibits credits from being assigned or transferred more than once.

Makes credit refundable if it exceeds tax liability, with refund amounts appropriated from the general fund; effective for taxable years beginning after December 31, 2022.