US extends tax credits for EV chargers, motorcycles, fuel cells, again retroactively

[tacobell fan]

The US spending bill just agreed last night includes extension of tax credits for home EV charger installations, electric motorcycles, and fuel-cell vehicles.

These credits were previously extended through the end of 2017, though that time the extension was retroactive, as taxpayers didn’t know about the incentive during the incentive period. Now, those credits have been extended retroactively again — covering the last two years, since 2017. They’ve also been extended forward through the end of 2020.

Earlier this week, Electrek reported about the possibility of an extension of the tax credit for electric vehicles that would allow a $7,000 credit and institute a new credit for used EVs as well. This would have benefitted two American automakers, GM and Tesla, who are the only automakers to have hit the 200,000 car limit for the $7,500 federal tax credit.

Currently, several foreign automakers can still make full use of the tax credit, thus disadvantaging current offerings from two domestic automakers when compared to foreign competition.

Some lesser-known credits are those that have to do with EV charging, motorcycles, and fuel cells.

Due to an amendment made to the year-end spending bill, taxpayers will once again qualify for a 30% rebate (up to $1,000) on costs associated with the installation of an EV charging station, a 10% credit (up to $2,500) on 2- or 3-wheeled electric vehicles such as electric motorcycles, and a $4,000 credit for the purchase of a new fuel-cell vehicle.

These credits previously expired at the end of 2017, but will now be available through the end of 2020. The credits are available retroactively. Presumably, this means that taxpayers can and should file amended returns for previous years.

[ILOVEGIRLS]

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