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Treasury Rule Would Expand Tax Credits for EV Chargers

WASHINGTON — The Biden administration is moving to clarify how homeowners and businesses can receive lucrative tax credits for installing electric vehicle chargers.

A rule proposed Sept. 18 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 eligible for significant credits to offset the expense.

“In order to help more Americans go electric, we need to make sure they can charge their EVs where they live, work and shop — from inner-city neighborhoods to rural areas,” said John Podesta, White House senior adviser for international climate policy. The 2022 Inflation Reduction Act is expanding charging access by saving families and businesses up to 30% off the cost of installing EV chargers, he said.