The Alternative Fuel Vehicle Refueling Property Credit has been extended!
At the end of December 2019, Congress passed an amendment that extends the tax credit for residential and commercial EV charger installations. Eligibility for this federal tax credit, known as the Alternative Fuel Vehicle Refueling Property Credit, now includes EV chargers purchased and installed in 2018 and 2019, and extends eligibility through December 31, 2020.
The incentive program is intended to help subsidize the higher upfront costs of electric vehicles and incentivize drivers to buy plug-in electric or battery electric vehicles (EV).
The Alternative Fuel Vehicle Refueling Property Credit provides a 30% tax credit off of the cost of purchase and installation of electric vehicle charging stations for residential (up to $1,000) and commercial (up to $30,000) installations. In order to qualify, the EV charger must be purchased and installed between December 31, 2017 and December 31, 2020, and you must claim the credit on your federal tax return. For those who purchased and installed an EV charger in 2018 and 2019 and already filed their taxes, an amended federal tax return needs to be filed in order to receive this credit.
Please keep in mind, we are not tax accountants and thus do not give tax advice. Details on tax credits or rebates are examples, and at the time of purchase we will provide you with the most up to date details to our knowledge of available credits and rebates for you to bring to your professional tax advisor. Not every customer has a tax liability and are thus not eligible for a credit. All credits and rebates are filed at a later time, not taken off of invoice. Effortless Electric will provide customers post-installation tailored walk throughs on programs they may be eligible for based on their locality.
The Alternative Fuel Vehicle Refueling Property Credit is not a refundable credit, therefore it only reduces federal tax liability. It is NOT a rebate. If your 2020 federal tax liability is $0, you will not be eligible. Please discuss with your tax professional.