If we’re going to drive off a cliff, at least we can do so with our batteries fully charged. As part of the agreement that slammed on the brakes just short of the so-called “fiscal cliff,” the federal government reinstated a tax credit for EV charging stations that had expired at the end of 2011.
The credit allows businesses and consumers to claim 30% of the cost of both hardware and installation. The tax incentive is capped at $30,000 per property for businesses, and $1,000 for individuals. The best news of all? It’s retroactive, so if you installed a charging station in 2012, you can get a nice little windfall on this year’s taxes.
This goodie does not specifically target electric vehicles. It also applies to “fueling equipment for natural gas, liquefied petroleum gas, E85, or diesel fuel blends containing a minimum of 20% biodiesel” – apparently anything other than plain old gas and diesel.
For more information, visit:
2011 IRS FORM:http://www.irs.gov/pub/irs-pdf/f8911.pdf
(Subject to change, updated by the IRS)