What Should You Know About The Updated 30C Tax Credit

The Alternative Fuel Infrastructure Tax Credit, known as the 30C Tax Credit, has been a cornerstone for businesses and individuals investing in electric vehicle (EV) charging infrastructure. As of January 1, 2023, significant updates to this tax credit have been introduced, offering enhanced benefits and opportunities for businesses keen on adopting EV charging solutions.

Overview of the Updated 30C Tax Credit

Previously, the 30C tax credit allowed a return of 30% on eligible installation costs up to $30,000 per location, regardless of the number of charging ports installed. With the new changes, eligible businesses can now receive a tax credit of 30% of the eligible costs up to $100,000 per charger, provided they meet specific census, wage, and apprenticeship requirements. This substantial increase opens up greater financial incentives for businesses looking to expand their EV charging offerings.

Key Changes to Note

• Increased Financial Benefit: Businesses can now benefit from a tax credit up to $100,000 per charger, significantly increasing the available financial incentives.
• Location Requirements: The tax credit now has stipulations regarding the location of the charging station sites. Only those in census-designated low-income or non-urban areas will qualify for the credit, guiding businesses on where to prioritize installation efforts.
• Wage and Apprenticeship Standards: To qualify for the full 30% tax credit, businesses must adhere to prevailing wage rates and apprenticeship requirements as determined by the Secretary of Labor. Failure to meet these standards limits the refund to up to 6% of eligible expenses through the tax credit.
• Expanded Eligibility for Charging Equipment: The scope of what constitutes eligible charging equipment has been broadened to include newer technologies like bi-directional charging stations, allowing for a wider array of installations to qualify for the credit.

Impact on Businesses

For businesses that align with the updated location criteria and labor standards, the new 30C tax credit presents a remarkable opportunity. Not only does it significantly increase the financial incentive for installing EV charging stations, but it also aligns with broader efforts to support sustainable transportation, particularly in underserved areas. With the extension of the tax credit through December 31, 2032, businesses have a long-term pathway to enhance their EV charging infrastructure and sustainability credentials.

How TurnOnGreen Can Assist

At TurnOnGreen, we are poised to help businesses navigate these updates to the 30C tax credit and maximize the opportunities they present. Our products and services are designed to meet the evolving needs of businesses looking to invest in EV charging infrastructure, offering comprehensive support from planning to implementation. With our expertise, businesses can leverage the enhanced tax credits, rebate programs, and other funding opportunities to boost their EV charging capabilities and drive forward into a greener future.

For personalized assistance and to explore how your business can benefit from the updated 30C tax credit and other incentives, contact TurnOnGreen today. Our team is ready to help you capitalize on these changes and elevate your EV charging infrastructure investment.