The US Treasury just released EV charger tax credit guidance – here’s how to find out if you qualify

The US Treasury Division launched updated guidance at present on EV charger tax credit score eligibility for people and companies – right here’s the lowdown.

The 30C EV charging tax credit score

When the Inflation Discount Act turned regulation in August 2022, it supplied a tax credit score for as much as 30% of the price of certified EV charging “property.” Formally generally known as the Alternative Fuel Vehicle Refueling Property Credit, the IRA modified the limitation on the 30C EV charging tax credit score in order that it not applies on a per-site foundation and as a substitute now applies per single merchandise of EV charging property – that’s, per charger.

The US Treasury’s EV charger tax credit score (which is claimed on IRS Form 8911) is proscribed to $1,000 for people claiming for dwelling EV charging and $100,000 – up from $30,000 – for enterprise properties. That got here into impact on January 1, 2023 (i.e., a 12 months in the past).

The tax credit score may also be claimed by direct pay, so “eligible entities resembling governments and tax-exempt organizations making investments in EV infrastructure can profit.” 

Location, location, location

The IRS’s newest steerage is about how in an effort to qualify for the 30C EV charging tax credit score, people and companies should be in an “eligible census tract.” The IRS defines an eligible census tract as “any inhabitants census tract that qualifies as a low-income neighborhood or that isn’t an city space.”

The White Home said today that eligible census tracts will “verify that the Inflation Discount Act’s 30C EV charging tax credit score is accessible to roughly two-thirds of Individuals.”

The US Division of Vitality and Argonne National Laboratory have now launched a mapping tool to assist people and companies discover out whether or not they’re eligible for the 30C EV charging tax credit score. (Observe that there’s a disclaimer on the map that claims it’s not formal IRS steerage – and neither is this text! – so when the time involves file your taxes, seek the advice of with a tax skilled to verify eligibility.)

The Zero Emission Transportation Affiliation’s (ZETA) govt director, Albert Gore III, stated, “Because the principal incentive for charging infrastructure, 30C performs an outsized function in transitioning our nation to electrical automobiles. 

“We … now have 170,000 publicly accessible EV chargers throughout the nation. The Biden Administration set a purpose of deploying 500,000 public chargers by 2030. To understand this formidable purpose, the 30C tax credit score have to be applied successfully.”

You can find the 30C Tax Credit Eligibility Locator map here.

Argonne additionally has a helpful FAQ about the 30C tax credit here.

Learn extra: Here’s how much money you’ll get with the Inflation Reduction Act


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