Alternative Fuel Vehicle Refueling Property Credit
- The Energy Policy Act (EP Act) of 2005 (Pub. L. No. 109-58, § 1342) provided an income tax credit equal to 30 percent of the cost of installing new alternative fuel vehicle refueling property at each location by the taxpayer but was limited to a maximum of $30,000 in the case of business property
- The American Recovery and Reinvestment Act (H.R.1) passed on February 10, 2009, increases the credit from 30% (capped at $30,000) to 50% (capped at $50,000) for business property placed in service in 2009 and 2010
- If the refueling property is acquired by a tax-exempt organization, governmental unit, or a foreign person or entity, and the use of that property is described in section 50(b)(3) or (4), the company that sold the fueling equipment can claim tax credit – but only if they provide the customer with written notification of the credit value
California Assembly Bill 118 (AB118)
- AB118 signed into law in 2007
- $120M/year available for clean fuels and vehicle technology to address climate change
- Funds will be distributed in May or June of 2009 through the California Energy Commission
Other Incentives
- Up to $7,500 Federal Tax Credit for purchase of new electric cars – based on battery size
- The U.S. stimulus package contains EV and infrastructure incentives
