Rhode Island just had a budget proposal that could potentially provide a “sales tax exemption for the trade-in value of motorcycles” — and while the author may not be so happy about it, we’re intrigued by what it might mean for runners in Rhode Island.
Let’s dig into it.
Upriseri states that the 2022 budget proposed by Rhode Island Governor Daniel McKee (we have placed it here for your reading convenience) includes tax cuts on motorcycles used strictly for fun – page 173 spells it all out very clearly.
Here is the breakdown of the proposal itself:
(67) Trade-in value of motorcycles
“From the sale and storage, use or other consumption in this state of a portion of the purchase price paid for a new or used motorcycle which is allocated for a trade-in allowance on the motorcycle of the buyer given in exchange to the seller, or the proceeds applicable only to the motorcycle received from the motorcycle manufacturer for the redemption of the motorcycle, whether or not the redemption was voluntary for the purchase of a new motorcycle or used by the buyer. »
“For the purposes of this subsection, the word “motorcycle” means a motorcycle not used for rental and not referring to any other type of motor vehicle.”
Keep in mind that McKee’s proposal would only apply to the trade-in value of a bike or the resale of bikes in general. You can’t just walk into the nearest Rhode Island dealer and expect to be cut off a big chunk of green (but that wouldn’t be fishing), and it’s still not clear if that would or would not be permanently in place.
The tax cut itself is apparently part and parcel of a new demographic that monitored the average annual income of a motorcyclist between 2018 and 2015 (while 2018 showed $62,500 per year, riders had a higher income). high in 2015 with $85,300 recorded as the average).
Source: CBS News
This means that the tax cut will benefit low-income households, although the larger picture of who lives in this majority household seems to twist the writer’s beard the wrong way – especially when they state that “A tax cut for motorcyclists is a tax cut for majority wealthy, majority white, majority male taxpayers.”
Speaking from the perspective of a female motorcyclist, this tax cut – while certainly benefiting many wealthy, white, male riders – will also encourage others to join in the fun of riding.
Source: New York Post
With everything exploding in the motorcycle community after 2020, more riders means more sales from big manufacturers. More motorcycles sold means more money, which can then be turned into partnerships to benefit the motorsports industry and the safety of the riding community proper (KTM’s collaboration to support training, the new Harley’s off-road adventure school, our expanded RideSmart motorcycle Riding School dates for this year and our interview with racer, teacher and suspension specialist Dave Moss are just a few examples, not to mention the multitude of ongoing collaborations for motorcycle gear and motorcycle technology to advance the industry itself).
And while there might not be much to say about the money being able to go elsewhere, it’s also nice to see a bit of a reduction in favor of what we love to do during our free time – catch some twists with a couple of friends, share the love of life and try not to take Lady Vida too seriously.
Source: Ultimate Motorcycling
What do you think? Leave a comment below, you know we love hearing from you.
Also, be sure to check out other recent articles from our archives and, as always, stay safe on the bends.
*Headline media sourced from WestEnd 61*