If businesses don’t meet these wage and apprenticeship requirements, they are only eligible for expenses refunded up to 6% through the tax credit.īeyond requirements for the location as well as wage and apprenticeship rates, the new 30C code includes more clarification about what type of charging equipment will qualify.
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Essentially, businesses that want to benefit from the full 30% tax credit must pay contractors and associated labor at the prevailing rate determined by the Secretary of Labor.
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This will have a huge impact on where businesses that plan to benefit from this money can install EV charging stations in order to receive the tax credit.Īnother important change in requirements for the 30C tax credit regards wage and apprenticeship stipulations. Only site locations that are census-designated as low-income or non-urban will qualify for the 30C tax credit. Businesses should be sure to reference the code fully in order to decide whether they are able to benefit from US Code 30C.Īccording to the 30C tax code, there is a location requirement for charging station sites that must be met. These other changes help define which businesses can receive this tax credit money as well as what stipulations need to be met in order to receive the full amount. Now, aside from the increased money available to businesses, there are a couple of other extremely important updates to the 30C tax credit that need to be covered. Basically, qualified businesses can benefit from a much larger amount of tax credit money. The updates to the 30C tax credit now make 30% of eligible costs up to $100,000 per charger available to businesses that meet certain census, wage and apprenticeship requirements. As of 2023, that has changed in a big way. This meant that no matter how many ports were installed, the maximum credit remained static because it was on a per site basis. Formerly, the 30C tax credit gave businesses back 30% of eligible costs up to $30,000 per site. Let’s take a closer look.įrom 2023 onward, there will be a change to the amount refunded to eligible business owners via a tax credit. That being said, for those eligible to receive the 30C tax credit, there is more money available than ever. When updates to tax code are made, there is a tendency to wonder whether these changes are good or bad in this overview, we want to avoid reducing the changes to good or bad and instead help you better understand how the changes affect those looking to install EV charging. Code 30C: The Alternative Fuel Infrastructure Tax Credit To understand the updates to the 30C tax credit, let’s take a closer look at how it benefits businesses now, what has changed and who is eligible to receive the tax credit. Code 30C, more commonly known as the "Alternative Fuel Infrastructure Tax Credit" or the “30C Tax Credit.” Put simply, it allowed businesses and individuals to receive a tax credit for 30% of the installation costs for any "alternative" fueling equipment, which includes EV chargers.Īs of January 1st, 2023, 30C has undergone some changes that business owners should be aware of.
Since 2018, the gold standard of federal tax credits for EV chargers has been U.S.
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