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- Tax Credit
IRA Statuatory Location:
13404
Tax Code Location:
26 U.S. Code § 30C
New or Modified Provision:
Extended and modified to include prevailing wage and registered apprenticeship requirements for businesses claiming the credit. Adds bidirectional charging equipment, charging equipment for 2- and 3-wheel electric vehicles. Limited to low-income and non-urban areas.
Eligible Recipients:
AFV refueling property
Tribal Eligibility:
Yes
Bureau/Office
Funded by:
U.S. Department of Treasury
Description
Provides a tax credit for alternative fuel vehicle refueling and charging property in low-income or non-urban areas. Alternative fuels include electricity, ethanol, natural gas, hydrogen, biodiesel, and others. The qualified alternative fuel vehicle refueling property must be for clean-burning fuels, as defined in the statute, and must be located in low-income or rural areas.
Direct Pay Eligibility:
Yes, for tax-exempt organizations; states; political subdivisions; the Tennessee Valley Authority; Indian Tribal governments; Alaska Native Corporations; and rural electricity co-ops.
Transferability:
Yes, for property used in a trade or business.
Stackability:
No rules
Energy Community Bonus:
No
Relevant Announcements
Related Resources
Additional information is available on the Resources page.Key Details
Period of Availability
January 1, 2023-December 31, 2032
Tax Mechanism:
Tax credit for consumers and businesses.
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, limited to a $100,000 credit per item of property for businesses.