IRS and Treasury Department reports

Biden Administration Proposes Expanded EV Charger Tax Credits, $2.5 Billion Expected in 2024

Sep 18, 2024, 02:07 PM

The Biden administration has proposed new rules on Wednesday to expand the number of electric vehicle (EV) chargers eligible for tax credits. The IRS and Treasury Department detailed which EV charging stations and other clean fuel infrastructure, such as hydrogen fueling, are eligible for the Alternative Fuel Vehicle Refueling Property Credit. This initiative, part of the Inflation Reduction Act, aims to lower transportation costs and increase American energy security. The Treasury Department also waived certain subsidy requirements for leased EVs, leading to a significant increase in tax credits claimed for clean vehicles. Americans are expected to claim $2.5 billion in tax credits for clean vehicles in 2024, five times more than the original estimate by the Congressional Budget Office. The plan includes credits for individual charging ports to ramp up public and private charging networks.