IRS or Treasury Department reports on tax credits claimed

Americans Claim $2.5B in Clean Vehicle Tax Credits, Biden Administration Proposes Wide Eligibility for EV Charger Credits

Sep 18, 2024, 01:56 PM

Americans claimed significantly more tax credits for clean vehicles than anticipated, with $2.5 billion expected in 2024 compared to an estimated $0.5 billion from the Congressional Budget Office (CBO). The IRS and Treasury Department have proposed rules detailing eligibility for electric vehicle (EV) charging stations and other clean fuel infrastructure, such as hydrogen fueling, for tax credits. The proposed guidance aims to lower transportation costs and increase American energy security through the Alternative Fuel Vehicle Refueling Property Credit, as part of the Inflation Reduction Act. Additionally, the Treasury Department waived certain requirements for EVs that are leased instead of purchased, which were originally limited to high-income households and high-priced EVs or those with Chinese-made batteries. The FERC Chief Accountant has also proposed modifying the transferability of income tax credits. The Biden administration has proposed wide eligibility for EV charger tax credits.