If you install qualified vehicle refueling and recharging property in your home or business, you may qualify for the alternative fuel refueling property tax credit. The credit was extended and modified by the Inflation Reduction Act. The credit allowed is based on the placed-in-service date for the qualifying property.
Eligibility:
The credit is available to businesses and individuals that place qualified refueling property into service during the tax year. To qualify for the credit, refueling property must be used to store or dispense clean-burning fuel. Starting in 2023, qualifying property will be limited to property placed in service within low-income communities or non-urban census tracts.
Funding Entity:
US Internal Revenue Service
Source:
Federal
Category:
Tax Credit
Eligible Project Type:
New Construction
Rehabilitation
Amount:
Starting January 1, 2023, the credit for qualified refueling property subject to depreciation equals 6% with a maximum credit of $100,000 for each single item of property; Businesses meeting prevailing wage and apprenticeship requirements may be eligible for a 30% credit with the same $100,000 limit; For qualifying property not subject to depreciation, the credit equals 30% of the cost with a maximum amount of $1,000 per item; For property placed in service before January 1, 2023 (including personal property), the credit is 30% of the cost of qualified refueling property with a maximum total credit allowed of $30,000 for depreciable property and $1,000 for all other property.
Time Available:
The credit must be applied for the tax year that qualified refueling property is put into service.
Purpose of Funds:
EV charging
Population Served:
Starting in 2023, qualifying property will be limited to property placed in service within low-income communities or non-urban census tracts.
Last Updated:
09/15/2023
