NY Times 11/17/2021 - From Electric Bikes to ‘Tree Equity,’ Biden’s Social Policy Bill Funds Niche Items

[TomD]

I’m okay with high prices. Ride a bus if you can’t afford it. I drive a diesel anyways- much cheaper!

I'm okay with high prices too, but we might disagree on whether true costs are priced in. If they were, perhaps we all might make different choices and lower the overconsumption of fossil fuels.

 

[Tubbs]

Apparently you didn't read my post very carefully. I never said US oil production is inefficient and dwindling. My point was that we don't pay per gallon what that gallon of gas costs to produce (when you include foreign wars, bribery, subsidies, environmental damage, etc.). But I'll add a point: The costs of retrieval go up steadily over time. Example: the Gulf of Mexico B&P blowout of a few years ago. Wells have to be drilled deeper and deeper; areas such as the arctic are much more challenging to work in safely and economically, and drilling in the seabed is highly fraught. Fracking, of course, has provided a big influx of new oil and gas, but that has environmental costs that nobody seems to care about--except the people directly affected by that pollution.

And burning of fossil fuels has a cost as well, such as global warming and sea level rise. But perhaps you don't believe in that, so no problem, eh?

I see the "Global Warming" bogey man is alive and well. John Kerry the climate czar has no problem hopping into private jets and leaving his huge carbon footprint as he jets around the globe spreading the GW propaganda.

 

[arcom]

I just paid $29.70 for 20 gallons of 87 octane. I think that equates to about .29 Euros per litre. ($1 = .88 Euros)
I,too, am OK with the high prices here. {winky face}

 

[TomD]

I see the "Global Warming" bogey man is alive and well.

Climate change doesn't care if you measure in golf strokes.

 

[PineNut]

Here are some updates about the potential federal tax credit for electric bikes.

This is the latest text from the Build Back Better Bill in the Senate:

Build Back Better Bill

The sections about electric bikes begins on page 555.

To make it clear again, this proposal is for a refundable tax credit. This means you can get the credit even if you owe no income tax, and even if you have zero income. All you have to do is meet the requirements as stated in the bill and file an income tax return in order to claim the credit.

The tax credit is for the purchase (not for resale) of an electric bike which does not exceed a cost of $3,000 (page 556). The credit is for 30% of the price paid for a maximum $900 credit. There is zero credit if the electric bike costs more than $3,000.

You can claim one tax credit if single, or two credits for a joint tax return. If you later purchase more e-bikes, it appears you can claim the credits each two years. Modified adjusted gross income cannot exceed $75K if single, or $150K for a joint return (there are lowered credits for incomes higher).

As was mentioned earlier in this thread, there is also a $4,000 "aggregate" cost limit mentioned on page 558. I'm not entirely clear how that one works, but it appears to me that is the maximum cost you can claim in a given tax year in which case the maximum tax credit would be $1,200. Anyone have a different interpretation?

The electric bike must meet certain qualifications. It must be manufactured by a qualified manufacturer who puts a VIN number on the bike and reports it to the feds. There must be pedals and a seat. The electric motor must be less than 750 Watts (makes it complicated if it's exactly 750 Watts, I suppose manufacturers will start claiming 749 Watts instead). There must be no motor assistance over 20 MPH, or there may be assistance up to 28 MPH so long as you pedal (I take this to mean there must not be a throttle). You must provide the VIN number to claim the credit.

Again, the bill has not passed yet. We'll see what happens with it.