Tax Time: U.S. Extends EVSE, Motorcycle & FCVs Credits Through End Of 2017
It’s high time to think those taxes for the past year (2017) and to make sure to grab some tax credits that were recently, and unexpectedly, retroactively extended.
Congress decided to extend some EV-related tax credits (for charging stations, electric motorcycles and hydrogen fuel cell cars) that had expired on December 31, 2016. The new date is December 31, 2017. So, in other words, those who made a qualifying purchase this past year can get an unexpected reward.
The tax credit for charging stations (EVSE) is 30% (up to $1,000), while for electric motorcycles its 10% (up to $2,500). Hydrogen cars are eligible for up to $8,000.
Note that the extension is only retroactive. For right now it does not include the year 2018. However, we do expect more extensions at some point in the future, but without an official announcement you can’t count on it for now.
The basic $7,500 tax credit for plug-in electric cars (depending on battery capacity) remains in place for manufacturers that haven’t exceeded 200,000 plug-in car sales (no manufacturers has yet), which triggers the phase-out stage.