The Treasury Department is proposing rules that will make the Inflation Reduction Act’s tax credits for electric vehicle chargers more broadly available.
The proposal for the 30C tax credit released Wednesday would allow businesses to claim 30 percent of the cost of new EV charging equipment as an income tax credit, reducing their tax bill by up to $100,000. Individuals can claim a similar benefit up to $1,000. The new rules took an expansive view, covering many types of equipment, allowing investment in most of America’s census tracts, and allowing government agencies and other tax-exempt entities to use the tax gains.
“Building out America’s charging infrastructure will make transportation more affordable, the air around our roads more breathable, and U.S. emissions trajectory more sustainable — all while creating good-paying jobs across America,” White House climate adviser Ali Zaidi said in a statement.
The move comes amid a presidential campaign supercharged with rhetoric about EVs. The Biden-Harris administration has touted EVs and funding under the Inflation Reduction Act as a path toward cleaner, greener transportation, while former President Donald Trump has attacked them as part of a “green new scam.” The shortage of public charging stations nationwide has offered talking points for those opposed to widening EV usage.
