If you live in Minnesota, you could be $1,500 richer—if you apply for a rebate next week.
The state is offering a rebate worth up to $1,500 if you purchase an e-bike as a discount for 50 to 75 percent of the total cost for the bike and certain accessories.
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"We've seen many states encourage positive decisions to taxpayers in the form of rebates, and this is not just one of the more creative ones, but also a credit that promotes healthier choices in terms of transportation," Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek.
"The rebate serves Minnesota in multiple ways, by offering residents a more affordable mode of travel, a healthier means of getting around, and hopefully fewer cars in traffic every day. It's a win-win for everyone."
The official online application will open next Wednesday, June 5, at 11 a.m., and checks will be dispersed on a first come, first served basis. Acting fast could be in your favor because Minnesota has warned it will stop accepting applications after 10,000.
In order to properly apply, you'll need to submit your name, date of birth, Social Security number, tax filing status and adjusted gross income from last year.
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There's also a range of requirements you must meet in order to receive the rebate.
For one, you'll have to be at least 15 years old and be a Minnesota resident for the current and previous year. Additionally, you can't be claimed as a dependent for the previous tax year.
As for when the checks go out, Minnesota residents don't necessarily have to wait long. The state said the first round of payments would go out on July 1, with 1,300 checks expected to be issued that day alone.
Another round of rebates will go out in October, with 5,000 denied and the rest placed on the waitlist for the second round.
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Minnesota will be prioritizing those with lower incomes during the process, as the state stipulated 40 percent will go to those under a certain range. While people with higher incomes can still apply, they might end up with a lower rebate amount.
If Minnesota finds it still has some leftover money once the second round goes out in October, the thousands who were denied could still be in the running for the free money, but it's not yet clear how popular the rebate will be once the application opens.
In total, Minnesota devoted $2 million to the rebate program.
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Suzanne Blake is a Newsweek reporter based in New York. Her focus is reporting on consumer and social trends, spanning ... Read more
