Businesses and homes may file for tax credits for installing stations.
The Internal Revenue Service (IRS) released additional guidelines for tax credits granted to recent installations of electric vehicle (EV) charging stations, outlining a range of compensations for both individuals and organizations. Homeowners can expect up to $1,000 of credit to cover 30 percent of the cost of installing a charging station, and business properties can receive up to $100,000 in credit for the same cost percentage.
“President Biden’s Inflation Reduction Act… has unleashed an investment and manufacturing boom in the United States unlike any we’ve seen in decades, with companies from around the world choosing to do business in America and electric vehicle sales surpassing 1 million for the first time in 2023,” said Treasury Deputy Secretary Wally Adeyemo. “Additional clarity around the law’s incentive to build new charging infrastructure in communities that need it most will help drive continued progress in 2024.”
As the Lord Leads, Pray with Us…
- For Deputy Secretary Adeyemo to be discerning as he facilitates the infrastructure funding under the Inflation Reduction Act.
- For Secretary Janet Yellen as she promotes President Biden’s economic policies.
Sources: Department of the Treasury
