|
Federal judge upholds Hawaii's new climate change tax on cruise passengers ABC NewsView Full Coverage on Google News
|
|
Steam Down for Thousands of Users, Downdetector Reports GV WireSteam and Valve's online games are partially down EngadgetChristmas Eve Gaming Crushed as Steam Goes Offline CNETSteam goes down as outage hits the platform amid its big annual sale NeowinWhy Steam store is down today. How to solve e502 l3 error
|
RELATED ARTICLES | | |
|
Even if the Fed is moving too slowly to significantly help borrowers, people carrying high-interest credit-card or auto debt can still take proactive action in the new year by working to improve their credit scores and refinancing loans.
|
|
A federal judge blocked Montana's ban on TikTok on Thursday, saying the incoming law violated free speech and was primarily done to target China's role in developing and promoting the popular app.
|
|
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
|
|
