New Tax Credit Makes EV Charging Stations More Accessible
New Tax Credit Facilitates Expansion of Electric Vehicle Charging Infrastructure
A new tax credit is making it easier for Americans to invest in electric vehicle (EV) charging stations. The Inflation Reduction Act, signed into law in August 2022, offers a 30% tax credit on the cost of EV charging equipment. Previously, the credit was limited per site but now it applies per charger, making it more accessible for individuals and businesses.
To qualify for the tax credit, individuals and businesses need to be located in eligible census tracts defined as low-income communities or non urban areas. The IRS’s latest guidance indicates that about two thirds of Americans reside in these eligible areas. The US Department of Energy and Argonne National Laboratory have released a mapping tool to help people determine their eligibility.
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EV Tax Credits – New US Treasury Guidelines: Discover if You Are Eligible! (PHOTO: CBT News)
Advocates Stress Importance of Tax Credit in Meeting EV Infrastructure Goals
This tax credit is seen as a crucial incentive for expanding EV infrastructure, with advocates like the Zero Emission Transportation Association emphasizing its importance in achieving national goals. With the Biden Administration aiming to deploy 500,000 public chargers by 2030 the effective implementation of the 30C tax credit is key to realizing this ambitious plan and transitioning the nation to electric vehicles.
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