Federal + State Tax Credit = Free?

[TULeaf]

Federal tax credit of 30% up to $1,000.
Oklahoma tax credit of 75%.

If the charging station is $1,500 installed.
Federal: $450
Oklahoma: $1,125

I just netted $75. Can this be true?

 

[Randy]

It does appear that way, but not everyone qualifies for the 30% Federal Tax Credit...You'll have to run the numbers and see if you get all of it, a reduced amount, or none at all....

 

[TULeaf]

I can't find any income restrictions for federal or state. Looks like federal eligibility is based around AMT.

 

[Randy]

I've known two or three people who had it all washed away...I believe you are correct about the AMT issue...

 

[UBUYGAS]

I sent the Info to my CPA and he checked it out and said it looks good. That I should be able to claim 30% of my costs.

 

[EdmondLeaf]

Federal tax credit of 30% up to $1,000.
Oklahoma tax credit of 75%.

If the charging station is $1,500 installed.
Federal: $450
Oklahoma: $1,125

I just netted $75. Can this be true?

just to clarify 75% is for commercial stations, not for evse installed for private use

A per-location credit of 75% of the cost of the qualified clean-burning motor vehicle fuel property is allowed.

• a metered-for-fee, public access recharging system for motor vehicles propelled in whole or in part by electricity.

 

[planet4ever]

I sent the Info to my CPA and he checked it out and said it looks good. That I should be able to claim 30% of my costs.

That is quite likely if you leased, but quite unlikely if you purchased. The problem is that the EVSE tax credit forces an AMT calculation even if you don't normally use AMT, and compares alternate tax without other credits (e.g. $7,500 EV credit) to standard tax with those credits.

Ray

 

[TULeaf]

It appears Oklahoma's 75% tax credit is the most generous. Not restricted to business or person.

It also appears Oklahoma provides a credit up to 0.05kWh for public charging stations.

 

[supra410]

Just curious if any more info was to be had on this subject. I was thinking it was only for commercial stations, not for home use. I have not really needed a lvl2, but you can't beat free!