According to my accountant, since I'd be installing charging at a property that I rent,
I'm going to get 80% deducted (if they don't change the incentives for 2021).
Sounds too good be true - can anyone confirm this?
Federal
State
I'm going to get 80% deducted (if they don't change the incentives for 2021).
Sounds too good be true - can anyone confirm this?
Federal
For property of a character subject to an allowance for depreciation (business/investment use property), the credit for all property placed in service at each location is generally the smaller of 30% of the property’s cost or $30,000. For property of a character not subject to an allowance for depreciation placed in service at your main home (personal use property), the credit for all property placed in service at your main home is generally the smaller of 30% of the property’s cost or $1,000
State
An income tax credit is available for 50% of the cost of alternative fueling infrastructure, up to $5,000. Qualifying infrastructure includes electric vehicle supply equipment and equipment to dispense fuel that is 85% or more natural gas, propane, or hydrogen. Unused credits may be carried over into future tax years. The credit expires December 31, 2022. For additional information, including information on how to claim the credit, please see the New York State Department of Taxation and Finance website. (Reference New York Tax Law 187-b)
