credit otherwise allowable to such taxpayer, and (D) with respect to any incentive otherwise available for the purchase of a qualified electric bicycle for which a credit is allowed under this section, including any incentive in the form of a rebate or discount provided by the retailer or manufacturer, ensured that— (i) the availability or use of such incentive shall not limit the ability of a taxpayer to make an election described in paragraph (1), and (ii) such election shall not limit the value or use of such incentive. (3) Timing An election described in paragraph (1) shall be made by the taxpayer not later than the date on which the qualified electric bicycle for which the credit is allowed under subsection (a) is purchased. (4) Revocation of registration Upon determination by the Secretary that a retailer has failed to comply with the requirements described in paragraph (2), the Secretary may revoke the registration (as described in subparagraph (A) of such paragraph) of such retailer. (5) Tax treatment of payments With respect to any payment described in paragraph (2)(C), such payment— (A) shall not be includible in the gross income of the taxpayer, and (B) with respect to the retailer, shall not be deductible under this title. (6) Application of certain other requirements In the case of any election under paragraph (1) with respect to any qualified electric bicycle— (A) the amount of the reduction under subsection (b) shall be determined with respect to the modified adjusted gross income of the taxpayer for the taxable year preceding the taxable year in which such qualified electric bicycle was acquired (and not with respect to such income for the taxable year in which such qualified electric bicycle was acquired), (B) the requirements of paragraphs (1) and (2) of subsection (f) shall apply to the taxpayer who acquired the qualified electric bicycle in the same manner as if the credit determined under this section with respect to such qualified electric bicycle were allowed to such taxpayer, and (C)