EV charger tax credit extended – What that means for you

EV charger tax credit extended – What that means for you

Are you looking to purchase an electric vehicle charger? Have you purchased one since 2016? If so, you may be eligible to take a tax deduction up to $1,000.

Until 2016, the federal government provided a tax credit for a number of alternative energy fuel sources. This included electric vehicle chargers.

This allowed you to deduct 30% of the cost of the charger on your taxes, up to a $1,000 limit. This credit expired at the end of 2016.

Congress has extended this tax credit through the end of 2020. This extension also allows anyone who purchased a charger since the credit expired to take it as well. So, if you’ve purchased an electric vehicle charger during this time period, you’ll be able to take the tax credit as well.

How to take the credit if you’ve purchased an EV charger

You must file IRS Form 8911 when you file your taxes. 

Note: This article should not be construed as tax advice. Please contact your tax adviser for your tax preparation questions

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