"US Treasury Issues Guidance for Broad EV Charger Tax Credits"

The U.S. Department of the Treasury and IRS have released guidance under President Biden’s Inflation Reduction Act to provide clarity on incentives for installing electric vehicle charging stations and alternative fuel refueling stations, aiming to lower energy bills. The Alternative Fuel Vehicle Refueling Property Credit (30C) offers a 30% credit for the cost of qualified refueling property, with limits for personal and business property. The guidance also specifies that the qualified property must be placed in service in eligible census tracts, defined as low-income communities or non-urban areas. This move is part of efforts to encourage clean vehicle adoption and drive progress in building new charging infrastructure.