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.
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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.