On June 22, 2023, IRS created a website providing information on eligibility for the IRA section 13404 Alternative Fuel Vehicle Refueling Credit, which may be used to help individuals and businesses pay for recharging and refueling equipment. The IRC section 30C tax credit was extended and modified by the IRA. The website provides information about who qualifies, the types of property that qualify, the credit amount, and how to claim the credit. Property that qualifies includes charging stations, including bidirectional charging equipment which allows EV vehicle batteries to serve as backup power sources for homes during blackouts. IRS clarifies that starting in 2023, qualifying property will be limited to property placed in service in low-income communities or non-urban census tracts. The credit amount for property not subject to depreciation is 30% of the cost of the equipment and installation, with a $1,000 maximum.
Opportunities for Participation and Additional Resources:
Informational website: https://www.irs.gov/credits-deductions/alternative-fuel-vehicle-refueling-property-credit