US Treasury New Tax Credit Guidance Explained – Get Ready to Save Big!

Expanding Electric Vehicle Access: IRS Updates 30C Tax Credit Eligibility Criteria

According to Electrek, the IRS recently provided new guidance regarding who can qualify for the 30C EV charging tax credit, which aims to promote electric vehicle adoption. This guidance, issued in January, specifies that individuals and businesses must be in an “eligible census tract.” These tracts are either low-income communities or non-urban areas. According to the White House, about two-thirds of Americans reside in these eligible areas, making them eligible for the tax credit.

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US Treasury New Tax Credit Guidance Explained – Get Ready to Save Big!(PHOTO: getty images)

A Helping Hand for EV Charger Tax Credit Eligibility: The Unofficial IRS Map Tool

To help people determine if they qualify for the tax credit, the US Department of Energy and Argonne National Laboratory released a mapping tool. This tool allows individuals and businesses to check if their location falls within an eligible census tract. However, it’s important to note that this map isn’t official IRS guidance. Therefore, it’s recommended to consult a tax professional when filing taxes to confirm eligibility. Albert Gore III, executive director of the Zero Emission Transportation Association (ZETA), emphasized the importance of the 30C tax credit in advancing the transition to electric vehicles, especially considering the Biden Administration’s goal of deploying 500,000 public EV chargers by 2030.

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