Treasury rule would expand tax credits for installing electric vehicle chargers

Associated Press

WASHINGTON (AP) — The Biden administration is moving to clarify how homeowners and businesses can receive lucrative tax credits for installing electric vehicle chargers. A rule proposed Wednesday by the Treasury Department would make credits worth up to $1,000 for individuals and $100,000 for businesses available for each EV charger that is installed. If finalized, the new rule would be especially valuable to businesses that plan to install multiple chargers and would be able to earn significant credits to offset the expense. The proposal announced Wednesday follows guidance issued in January that made tax credits for installing EV chargers available in about two-thirds of the country.