The Domestic Bicycle Production Act aims to boost U.S. bicycle manufacturing through three main strategies. First, it temporarily eliminates import tariffs on bicycle parts and components for ten years to help domestic assemblers reduce costs. Second, it creates a tax credit for manufacturers producing or assembling electric bicycles domestically, starting at 20 percent of the sale price and declining over a ten-year period through 2035. Third, it establishes a loan program administered by the Department of Transportation offering low-interest loans (capped at 1 percent) to businesses investing in domestic bicycle manufacturing facilities, with individual companies limited to borrowing no more than $50 million. The bill authorizes $80 million annually for the first three years, $100 million annually for years four through seven, and $120 million annually for years eight through ten, with loan recipients required to pay prevailing wages and meet production targets of at least 20,000 bicycles per $5 million borrowed within three years.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.