U.S. Senators Introduce Legislation To Greatly Expand EV Charger Credit
Friday, U.S. Senator Tom Carper (D-DE), chairman of the Senate Environment and Public Works (EPW) Committee, as well as Senators Catherine Cortez Masto (D-NV), Debbie Stabenow (D-MI) and Richard Burr (R-NC) introduced the “Securing America’s Clean Fuels Infrastructure Act” which would greatly expand the electric vehicle tax credit which will otherwise expire at the end of this year.
The bill would expand the Alternative Fuel Vehicle Refueling Property Investment Tax Credit (ITC), known as 30C of the tax code. If implemented, Securing America’s Clean Fuels Infrastructure Act would do three things:
— State that the 30C ITC can be applied to each charger rather than per location.
— Increase the 30C ITC cap for business investments from $30,000 to $200,000 for each item of refueling property.
— Extend the 30C ITC tax credit for eight more years from the December 31, 2021 expiration date, which means the 30C ITC would apply to refueling property that is placed in service by December 31, 2029.