US Treasury Proposes Expanded Tax Credit for EV Charging Infrastructure
The US Department of the Treasury has unveiled a proposal to expand eligibility for tax credits related to electric vehicle (EV) charging infrastructure, potentially enhancing the nation’s EV charging network. This initiative, part of the Inflation Reduction Act (IRA), aims to incentivize investment in charging ports by allowing businesses to claim the “30C” tax credit, which covers up to 30% of installation costs—up to $100,000 per charging port.
This proposed change clarifies the definition of “a single item of property,” providing project developers with clearer guidelines.
Accelerating EV Charging Goals
With the Biden administration targeting the deployment of at least 500,000 public EV charging ports by 2030 to support carbon reduction efforts, the expansion of the tax credit could significantly accelerate progress. Currently, the US has 192,000 operational charging ports, with around 1,000 new ports added weekly. If this trend continues, the goal may be achieved by mid-2030. The tax credit expansion is especially aimed at boosting investments in low-income and rural areas.
The Treasury will accept public comments on this proposal for 60 days, with a public hearing potentially scheduled upon request.
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