Question

EV CHARGING EQUIPMENT TAX CREDIT 2023

Forum|Forum|3 years ago
January 24, 2023
1 reply
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Hi,

Does the 30% federal tax credit still exist for 2023 EV charger buy and installation cost for residential purposes?

Are the following restrictions also applicable for residential use?

The equipment must be placed in a low-income community or non-urban area.

Low-income communities include population census tracts where (a) the poverty rate is at least 20 percent or (b):

- for a tract outside a metropolitan area, the median family income does not exceed 80 percent of statewide median family income, or
- for a tract within a metropolitan area, the median family income does not exceed 80 percent of the greater of statewide median family income or the metropolitan area median family income.

MichaelG81

Yes, it was re-enacted by the Inflation Reduction Act. It is the smaller of 30% or $1,000. The form will be available 01/26/2023. I don't see those federal rules, that might be for something local or statewide. Here's the qualifications from the IRS Instructions.