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Powerful winter storm arrives in Southern California for Christmas holiday. Here's what to know. CBS NewsStorm brings heavy rain, wind; Flash Flood Warning extended for parts of LA and Ventura counties ABC7 Los AngelesFlooding Causes Road Closures and Vehicle Rescues Across Hesperia and Surrounding Areas VVNGIntense Storm in Southern California Brings Heavy Rain and Forces Evacuations The New York Times
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Federal judge upholds Hawaii's new climate change tax on cruise passengers ABC NewsView Full Coverage on Google News
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How a Scholar Nudged the Supreme Court Toward Its Troop Deployment Ruling The New York TimesSupreme Court's National Guard decision could force new debate over how Trump could use Insurrection Act CNNAlito rips Supreme Court majority as 'unwise' for blocking Trump's National Guard plan Fox NewsSupreme Court Blocks Trump From Deploying National Guard In Chicago Block Club Chicago
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US weekly jobless claims fall, but more people collecting unemployment checks ReutersUS unemployment claims fall again last week, remain at historically healthy level ABC NewsUS Jobless Claims Fall to 214,000 During Volatile Holiday Season Bloomberg.comSpot gold trades at $4,480/oz after U.S. weekly jobless claims fall to 214k KITCO
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Let's break down complex tax provisions into actionable insights around enhanced childcare and family leave credits, immediate R&D expense deductions and new overtime/tip income deductions.
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President Biden signed the Inflation Reduction Act into law on August 16. The massive climate, energy, tax, and healthcare package contains numerous clean energy incentives including tax credits for the purchase of new and used electric vehicles. But you may not have heard that the new law also revives the tax credit for electric vehicle charging stations and equipment that had expired in 2021. There are some changes to the prior charging station tax credit that you will want to be aware of, so that you can potentially use the tax break for your own EV charger.
What is the Tax Write Off for EV Chargers?
The federal tax credit for electric vehicle chargers originally expired on December 31, 2021. However, the Inflation Reduction Act's Alternative Fuel Refueling Property tax credit extends the EV charger tax incentive ten years—through December 31, 2032.
SEE MORE EV Tax Credits Are Changing: What's Ahead
So, what does that mean for you? Essentially, if you install an EV charging station at home, the tax credit under the Inflation Reduction Act is 30% of the cost of hardware and installation, up to $1,000. Also, beginning in 2023, the tax credit for business and home installations, will apply to other EV charging equipment like bidirectional (i.e., two-way) chargers.
Businesses that that install new EV chargers or EV charging equipment can also benefit from a tax incentive of up to 30% of the total cost of equipment and installation. But they will have to meet certain labor and construction requirements to be eligible to claim the full incentive.
Before the Inflation Reduction Act, the limit on the amount of the EV charger tax credit for businesses was $30,000 (which still applies to projects completed before the end of 2022). However, under the new law, if you complete the business installa
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