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Asia markets mostly rise as investors shrug off weak U.S. retail sales, assess China inflation CNBCAsian Stocks Set to Extend Rally as US Shares Slip: Markets Wrap BloombergStocks pause for breath as AI worries simmer; yen gallops higher ReutersAsian shares advance after weak US retail data weigh on Wall Street Yahoo Finance
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Tuesday's flat reading on December retail sales was translating into concerns that U.S. growth may not be as strong as previously presumed — resulting in what will likely be a lower path for both interest rates and inflation this year.
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China consumer inflation rises less than expected in January as producer price deflation persists CNBCChina's Factory Deflation Eases More Than Forecast at Year Start BloombergChina's Consumer Inflation Eases, Producer Prices Stay in Decline The Wall Street JournalChina's export-led growth is looking more and more unsustainable while deflation hits economy Fortune
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President Biden signed the Inflation Reduction Act into law on August 16. The massive climate, energy, tax, and healthcare package contains numerous clean energy incentives including tax credits for the purchase of new and used electric vehicles. But you may not have heard that the new law also revives the tax credit for electric vehicle charging stations and equipment that had expired in 2021. There are some changes to the prior charging station tax credit that you will want to be aware of, so that you can potentially use the tax break for your own EV charger.
What is the Tax Write Off for EV Chargers?
The federal tax credit for electric vehicle chargers originally expired on December 31, 2021. However, the Inflation Reduction Act's Alternative Fuel Refueling Property tax credit extends the EV charger tax incentive ten years—through December 31, 2032.
SEE MORE EV Tax Credits Are Changing: What's Ahead
So, what does that mean for you? Essentially, if you install an EV charging station at home, the tax credit under the Inflation Reduction Act is 30% of the cost of hardware and installation, up to $1,000. Also, beginning in 2023, the tax credit for business and home installations, will apply to other EV charging equipment like bidirectional (i.e., two-way) chargers.
Businesses that that install new EV chargers or EV charging equipment can also benefit from a tax incentive of up to 30% of the total cost of equipment and installation. But they will have to meet certain labor and construction requirements to be eligible to claim the full incentive.
Before the Inflation Reduction Act, the limit on the amount of the EV charger tax credit for businesses was $30,000 (which still applies to projects completed before the end of 2022). However, under the new law, if you complete the business installa
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