"Understanding the New EV Charger Tax Credit Guidelines Under Biden's Administration"
The US Treasury Department has released updated guidance on the eligibility for the 30C EV charger tax credit, which provides a tax credit for up to 30% of the cost of qualified EV charging property. The tax credit is now applicable per single item of EV charging property, with limits of $1,000 for individuals and $100,000 for businesses. To qualify, individuals and businesses need to be in an eligible census tract, and a mapping tool has been released to help determine eligibility. The tax credit can also be claimed through direct pay, benefiting eligible entities such as governments and tax-exempt organizations.