Electric Vehicle Charging Station Tax Credit Available
March 11, 2020
Electric Vehicles (EV) are becoming more common in our society and a couple of months ago, Congress recognized this growing area by extending a tax credit available on costs associated with the installation of an EV charging station in your home. The available credit is the smaller of 30% of the cost or $1,000 and there are specific requirements that must be met in order to qualify for the credit which include:
- You place the refueling property into service during the 2018 or 2019 tax year;
- The original use of the property began with you;
- The property is used predominantly inside the United States; and,
- If the property isn’t business/investment use property, the property must be installed on property used as your main home.
Congress made the credit retroactive to the 2018 tax year so if you incurred these expenses in 2018, you are eligible to amend your return to claim the credit. There is an added perk to this credit, however, if the location of your home changed during the tax year and you placed personal use refueling property in service at both locations during the tax year you are eligible for a tax credit for each location.
As always, if you have questions about this applied to your personal tax situation please reach out to our office.
Lewis Group CPAS