Rev it up!! Taking Tax Credits for EV Charging Stations

The Inflation Reduction Act (Pub. L. No. 117-169), as enacted on August 16, 2022, extended, expanded and renewed alternative fuel vehicle refueling property (AFVRP) tax credits that apply to electric vehicle charging stations, liquefied natural gas, compressed natural gas, liquefied petroleum gas, hydrogen, ethanol and biofuels. A top tax credit of $100,000 is available to investors or owners of EV infrastructure per item of alternative refueling property, although, without careful planning, the credit may be reduced to as low as $6,000 per item.

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Practical Guidance Updates 
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• Tax Key Legal Developments Tracker (Federal)
  Stay informed on new developments: 
  • Business Entities. Speaking of tax credits, the IRS and the Treasury announced that they plan to issue guidance under new R.C. § 45Vand new I.R.C. § 45Z, as added to the I.R.C. by §§ 13204 and 13704, respectively, of Pub. .L. No. 117-169 (Aug. 16, 2022), commonly known as the Inflation Reduction Act of 2022. Notice 2022-58.
  • Business Entities. More on credits! The IRS and the Treasury announce that they plan to issue guidance under R.C. § 45Wand I.R.C. § 30C, as amended by §§ 13403 and 13404, respectively, of Pub. .L. No. 117-169 (August 16, 2022), commonly known as the Inflation Reduction Act of 2022 (IRA). Notice 2022-56.
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