Developed by: Inflation Reduction Act
Federal Agency: Department of the Treasury
Consumer/Business Tax Credit
Description: Provides a tax credit for alternative fuel vehicle refueling and charging property in low-income and rural areas. Alternative fuels include electricity, ethanol, natural gas, hydrogen, biodiesel, and others.
Recipients: The qualified alternative fuel vehicle refueling property must be for cleanburning fuels, as defined in the statute, and must be located in low-income or rural areas.
Timing: January 1, 2023-December 31, 2032
Amount:
- Base Credit Amount: 6% of the cost for businesses, limited to a $100,000 credit per item of property for businesses. 30% for individuals, limited to $1,000.
- Bonus Credit Amount: Businesses can claim a 30% credit for projects meeting prevailing wage and registered apprenticeship requirements
More information: Request for Comments
