‘Clean’ Refueling Subsidies: Just Another Taxpayer Prop for EVs

Here is what I saw in Politico energy newsletter yesterday:

CARPER, ALEXANDER BILL WOULD SPUR CLEAN REFUELING GROWTH: Senate Environment and Public Works ranking member Tom Carper (D-Del.) and Appropriations Energy-Water Subcommittee Chairman Lamar Alexander (R-Tenn.) will introduce legislation today to expand the Alternative Fuel Vehicle Refueling Property Investment Tax Credit and encourage private investment in clean refueling infrastructure.

Here is the link:

Alternative Fuel Infrastructure Tax Credit

NOTE: This incentive originally expired on December 31, 2016, but was retroactively extended through December 31, 2020, by Public Law 116-94.

Fueling equipment for natural gas, propane, liquefied hydrogen, electricity, E85, or diesel fuel blends containing a minimum of 20% biodiesel installed through December 31, 2020, is eligible for a tax credit of 30% of the cost, not to exceed $30,000. Permitting and inspection fees are not included in covered expenses. Fueling station owners who install qualified equipment at multiple sites are allowed to use the credit towards each location. Consumers who purchase qualified residential fueling equipment prior to December 31, 2020, may receive a tax credit of up to $1,000. Unused credits that qualify as general business tax credits, as defined by the Internal Revenue Service (IRS), may be carried backward one year and carried forward 20 years. For more information about claiming the credit, see IRS Form 8911, which is available on the IRS Forms and Publications website. (Reference Public Law 116-94, Public Law 115-123, Public Law 114-113, 26 U.S. Code 30C and 38, and IRS Notice 2007-43 (PDF))

Point of Contact
U.S. Internal Revenue Service
Phone: (800) 829-1040
http://www.irs.gov/

The post ‘Clean’ Refueling Subsidies: Just Another Taxpayer Prop for EVs appeared first on Master Resource.

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May 23, 2021 at 01:06AM

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