Tax Credits for Electric Vehicle Charging Stations

The automotive industry continues to discuss and innovate towards electric vehicles (“EV”). It has been a long journey.  We have come a long way from the electric wagon invented in the 1800s. There have been many roadblocks (no pun intended) for EVs including limited charging stations and the amount of time it takes to receive a full charge. However, the manufacturers’ progress and plans appear to be breaking through these roadblocks.  

With anything, there are costs that come with progress and innovation. The infrastructure for these fast-charging stations has taken some time. Some manufacturers are now requiring these stations as part of their facility improvements. Believe it or not, the IRS is ready to help alleviate some of these costs.  Currently, there is a 30% credit of the costs of any qualified alternative fuel vehicle refueling property placed in service by the taxpayer during the taxable year. The credit is limited to $30,000.  However, it is limited to $1,000 for a personal residence.

Please note that this credit is currently set to expire on December 31, 2021. The Biden administration plans to continue the effort to strive toward alternative fuel resources. Our team of Schneider Down Auto Advisors will continue to monitor the changes and extension of these credits. In the meantime, contact us if you have any questions regarding the credit.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].

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.

© 2021 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.

our thoughts on
CARES Act, Tax BY Austin Nace
Disappointing News for Employers: Employee Retention Credit Ends Before Fourth Quarter of 2021
Build Back Better Tax Legislation Update – International Tax Changes
Welcome News for the Trucking Industry - Clarification of 100% Meals and Entertainment Deduction for Per Diems
Higher Estate Tax Exemption Amount for 2022
Michael Jackson vs. Kenny Pickett
Tax Reform 2021 - Build Back Better: Proposed Changes to Section 199A Qualified Business Income Deduction
Register to receive our weekly newsletter with our most recent columns and insights.
Have a question? Ask us!

We’d love to hear from you. Drop us a note, and we’ll respond to you as quickly as possible.

Ask us
contact us

This site uses cookies to ensure that we give you the best user experience. Cookies assist in navigation, analyzing traffic and in our marketing efforts as described in our Privacy Policy.

×