OUR THOUGHTS ON:

Tax Credit for Installation of Electric Vehicle Supply Equipment

Automobile|Tax

By Carl Scharf

Buried within the American Taxpayer Relief Act of 2012 was an extension of the tax credits for alternative fuel vehicle refueling property, more commonly known as electric vehicle supply equipment (EVSE). The credit expired on December 31, 2011, but was reinstated and extended through December 31, 2013.

So what does this mean?

Any auto dealer that purchases and installs an EVSE charging unit(s) before December 31, 2013 will be eligible for a tax credit of 30% of the cost, not to exceed $30,000. Fueling station owners who install the qualified equipment at multiple sites are allowed up to the maximum $30,000 credit toward each location.

For consumers, EVSE home charging units installed before December 31, 2013 will be eligible for a tax credit of 30% of the cost, not to exceed $1,000.

As plug-in electric vehicles continue to become more popular, this tax credit is a nice incentive for both auto dealers and consumers when installing electric charging stations.

Happy charging!

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This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

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Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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