When the Inflation Reduction Act became law in August 2022, it provided a tax credit for up to 30% of the cost of qualified EV charging “property.” Internal Revenue Service and US Department of the Treasury have clarified that the Alternative Fuel Vehicle Refueling Property Credit (secti Contact online >>
When the Inflation Reduction Act became law in August 2022, it provided a tax credit for up to 30% of the cost of qualified EV charging “property.” Internal Revenue Service and US Department of the Treasury have clarified that the Alternative Fuel Vehicle Refueling Property Credit (section 30C) EV charging tax credit applies to each charging port and its “functionally interdependent components.”
“This one simple clarification should positively impact infrastructure deployment as industry players can now more comfortably move forward with projects leveraging this tax credit,” Suncheth Bhat, chief commercial officer at EV Realty, told Electrek.
The US Treasury’s EV charger tax credit (which is claimed using IRS Form 8911) is limited to $1,000 for individuals claiming for home EV chargers and $100,000 – up from $30,000 – for business properties. That came into effect on January 1, 2023.
In order to qualify for the 30C EV charging tax credit, individuals and businesses need to be located in an “eligible census tract.” The IRS defines an eligible census tract as:
… any population census tract that is a low-income community or that is not an urban area. Approximately two-thirds of Americans live in eligible census tracts.
Business and tax-exempt governmental entities claiming the Alternative Fuel Vehicle Refueling Property Credit can receive an enhanced credit if they are paying workers prevailing wages and using registered apprentices to install the equipment.
The US Department of Energy and Argonne National Laboratory released a mapping tool to help individuals and businesses find out whether they’re eligible for the 30C EV charging tax credit. (Note that there’s a disclaimer on the map that says it’s not formal IRS guidance – and neither is this article! – so when the time comes to file your taxes, consult with a tax professional to confirm eligibility.)
The Zero Emission Transportation Association''s (ZETA) executive director, Albert Gore III, said, “Developing our nation''s charging network is crucial to transportation electrification. As one of the principal incentives for charging infrastructure, 30C will help fill in charging gaps and attract investment to rural and lower-income communities. It will also help comfort potential EV drivers with the transition as they see more publicly available infrastructure.”
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Michelle Lewis is a writer and editor on Electrek and an editor on DroneDJ, 9to5Mac, and 9to5Google. She lives in White River Junction, Vermont. She has previously worked for Fast Company, the Guardian, News Deeply, Time, and others. Message Michelle on Twitter or at michelle@9to5mac . Check out her personal blog.
The EV charger tax credit is back, thanks to the Inflation Reduction Act (IRA) — massive climate, energy, tax, and healthcare legislation. You may have heard that the IRA contains billions of dollars in tax incentives, including a tax credit for new and used electric vehicles. But the IRA also brought back the EV charger federal tax credit for electric vehicle charging stations and equipment that had expired two years ago.
To take advantage of the tax break, there are some changes to the EV charger federal tax credit that you will want to be aware of. Here’s what you need to know about those changes and new proposals for high-powered EV charger networks from major automakers and the Biden administration.
The federal tax credit for electric vehicle chargers originally expired a couple of years ago. However, the Inflation Reduction Act’s Alternative Fuel Refueling Property tax credit extends the EV charger tax incentive for ten years — through Dec. 31, 2032.
So, what does that mean for you? Essentially, if you install a home EV charging station, the tax credit is 30% of the cost of hardware and installation, up to $1,000. Also, beginning last year the EV charger tax credit for business and home installations applies to other EV charger equipment like bidirectional (i.e., two-way) chargers.
Businesses that install new EV chargers or EV charger equipment can also benefit from a tax incentive of up to 30% of the total cost of equipment and installation. However, they will have to meet certain labor and construction requirements to be eligible to claim the full incentive.
Before the IRA, the limit on the amount of the EV charger tax credit for businesses was $30,000. That limit applies to projects that were completed before the end of last year. However, under the IRA, if you complete the business installation project after 2022, the tax credit per property item is up to $100,000 per EV charger.
All of this means that while electric vehicle chargers are not entirely tax deductible, you might benefit, to some degree, from the tax incentives in the Inflation Reduction Act that apply for refueling property.
To claim the federal tax credit for your home EV charger, or other EV charging equipment, file Form 8911 with the IRS when you file your federal income tax return.
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