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Rhode Island has just had a proposed budget that could potentially provide a “sales tax exemption for the trade-in value of motorcycles” – and while the writer might not be that happy about it, we’re intrigued at what this could mean for the riders of Rhode Island.
Let’s dig into it.
Upriseri states that Rhode Island Governor Daniel McKee‘s proposed 2022 budget (we’ve dropped it here for your reading convenience) includes motorcycle tax cuts used strictly for pleasure purposes – page 173 states everything very neatly.
Here’s the breakdown from the proposal itself:
(67) Trade-in value of motorcycles
“From the sale and from the storage, use, or other consumption in this state of so much of the purchase price paid for a new or used motorcycle as is allocated for a trade-in allowance on the motorcycle of the buyer given in trade to the seller, or of the proceeds applicable only to the motorcycle as are received from the manufacturer of motorcycles for the repurchase of the motorcycle whether the repurchase was voluntary or not towards the purchase of a new or used motorcycle by the buyer.”
“For the purpose of this subdivision, the word ‘motorcycle’ means a motorcycle not used for hire and does not refer to any other type of motor vehicle.”
Keep in mind, McKee‘s proposal would only apply to the trade-in value of a bike, or reselling bikes in general. You can’t just hop to the nearest Rhode Island dealer and expect to be cut a hefty chunk of green (though wouldn’t that be peachy), and it’s still unclear whether or not this would be permanently in place.
The tax cut itself is apparently part-and-parcel of a new demographic that has monitored the average annual income of a motorcyclist between 2018 and 2015 (While 2018 showed $62,500 per annum, riders had a higher income in 2015 with $85,300 logged as the average).
This means the tax cut will be benefitting lower-income households, though the wider picture of who lives in that household as a majority appears to be twisting the writer’s beard the wrong way – especially when the they state that “a tax cut for motorcycle riders is a tax cut for mostly rich, mostly white, mostly male taxpayers.”
Speaking from a female motorcyclist’s perspective, this tax cut – while certainly benefitting many rich, white, male riders – will also encourage others to join in on the joy of riding.
With everything exploding in the motorcycle community post-2020, more riders mean more sales from the big manufacturers. More motorcycles sold means more money, which can then be turned around into the likes of partnerships to benefit the Powersports industry and the safety of the riding community proper (KTM’s collab to support coaching, Harley’s new Off-Road Adventure School, our expanded RideSmart Motorcycle Riding School Dates for this year and our interview with Racer, Teacher and Suspension Afficionado Dave Moss are just a few examples, let alone the multitude of collabs currently going on for motorcycle gear and motorcycle technology to further the industry itself).
And while there may not be much to be said for the fact that the money could be placed elsewhere, it’s also nice to see a bit of a cut to benefit what we love to do in our free time – catch a few twisties with a couple of mates, share the love of life, and try not to take lady Vida too seriously.
What do you think? Drop a comment below, you know we love hearing from you.
Be sure to also check out other recent articles from our archives, and as always – stay safe on the twisties.
The post Rhode Island: New Proposed 2022 Budget Includes Tax Cut for Motorcycle Riders appeared first on webBikeWorld.
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Let’s dig into it.
Upriseri states that Rhode Island Governor Daniel McKee‘s proposed 2022 budget (we’ve dropped it here for your reading convenience) includes motorcycle tax cuts used strictly for pleasure purposes – page 173 states everything very neatly.
Source: Pinterest
Here’s the breakdown from the proposal itself:
(67) Trade-in value of motorcycles
“From the sale and from the storage, use, or other consumption in this state of so much of the purchase price paid for a new or used motorcycle as is allocated for a trade-in allowance on the motorcycle of the buyer given in trade to the seller, or of the proceeds applicable only to the motorcycle as are received from the manufacturer of motorcycles for the repurchase of the motorcycle whether the repurchase was voluntary or not towards the purchase of a new or used motorcycle by the buyer.”
“For the purpose of this subdivision, the word ‘motorcycle’ means a motorcycle not used for hire and does not refer to any other type of motor vehicle.”
Source: Electrek
Keep in mind, McKee‘s proposal would only apply to the trade-in value of a bike, or reselling bikes in general. You can’t just hop to the nearest Rhode Island dealer and expect to be cut a hefty chunk of green (though wouldn’t that be peachy), and it’s still unclear whether or not this would be permanently in place.
The tax cut itself is apparently part-and-parcel of a new demographic that has monitored the average annual income of a motorcyclist between 2018 and 2015 (While 2018 showed $62,500 per annum, riders had a higher income in 2015 with $85,300 logged as the average).
Source: CBS News
This means the tax cut will be benefitting lower-income households, though the wider picture of who lives in that household as a majority appears to be twisting the writer’s beard the wrong way – especially when the they state that “a tax cut for motorcycle riders is a tax cut for mostly rich, mostly white, mostly male taxpayers.”
Speaking from a female motorcyclist’s perspective, this tax cut – while certainly benefitting many rich, white, male riders – will also encourage others to join in on the joy of riding.
Source: New York Post
With everything exploding in the motorcycle community post-2020, more riders mean more sales from the big manufacturers. More motorcycles sold means more money, which can then be turned around into the likes of partnerships to benefit the Powersports industry and the safety of the riding community proper (KTM’s collab to support coaching, Harley’s new Off-Road Adventure School, our expanded RideSmart Motorcycle Riding School Dates for this year and our interview with Racer, Teacher and Suspension Afficionado Dave Moss are just a few examples, let alone the multitude of collabs currently going on for motorcycle gear and motorcycle technology to further the industry itself).
Source: ThrottleXtreme
And while there may not be much to be said for the fact that the money could be placed elsewhere, it’s also nice to see a bit of a cut to benefit what we love to do in our free time – catch a few twisties with a couple of mates, share the love of life, and try not to take lady Vida too seriously.
Source: Ultimate Motorcycling
What do you think? Drop a comment below, you know we love hearing from you.
Be sure to also check out other recent articles from our archives, and as always – stay safe on the twisties.
*Title media sourced from WestEnd 61*
The post Rhode Island: New Proposed 2022 Budget Includes Tax Cut for Motorcycle Riders appeared first on webBikeWorld.
Continue reading...
