PSA: If you installed charging station in 2017, you're eligible now for 30% tax credit

[model3fan]

Sorry if this was covered before, I didn't see it come up in search and am trying to spread the word.

The recent passage of the 2 year budget deal included extending the EVSE credit for charging stations installed in 2017 (previously this credit expired in 2016). This doesn't include charging stations installed in 2018.

It's a small consolation if you're like me and you installed in 2017 and likely now won't get the full federal $7,500 rebate because of production delays for standard range.

Text of the bill mentioning the new 2017 deadline

IRS Form 8911 (not yet updated for 2017)

People have claimed NEMA 1450s in the past

Curious how long it'll take IRS to update their site and/or Turbo tax to offer it as an option.

 

[ℬête Noire]

Oh snap, it looks like I'll need to call my accountant on Monday to adjust my tax return. I got in right under the deadline (will have to find my receipt for the wire as well). Thank you!

 

[model3fan]

Oh snap, it looks like I'll need to call my accountant on Monday to adjust my tax return. I got in right under the deadline (will have to find my receipt for the wire as well). Thank you!

FWIW, the 8911 form says it needs to have been placed in service during the tax year.

 

[ℬête Noire]

Self-install....so I'll need to check if they shipped the parts in time to claim it.

 

[boaterva]

Note also that TurboTax was just updated to remove the old erroneous reference to this and now needs to be reupdated to include the 2017 8911 form version. Shouldn’t take too long but right now (as of yesterday) it’s not there.

 

[Uncle Paul]

Easy to file an ammended return to take advantage of this last minute change.

 

[SMAlset]

I was reading this in the news yesterday. We installed a 14-50 outlet for our charging which I could see being argued you just added an outlet that could be for anything. We did however get a permit that was described the usage as for EV use so I think if we were questioned on the outlet we would have that documentation. My other question is would the permit, materials and electricians time be included in this installation amount. I would think so, permits are required here. Has anyone seen any specific language as to this legislative change? Our total cost I think was around $1200 (not positive without checking), so would be nice to get at least $300 of that back even in the form of a credit on our tax return. Maximum credit is based on a cap of $1000 installation.

 

[NewTMSMan]

Awesome! 2 stations installed in the Fall.

 

[SMAlset]

Awesome! 2 stations installed in the Fall.

Yes, but you'll still be limited to a maximum $300 credit on your 2017 return I believe, not per install...at least from the little description of how it works that I've read in the news.

I'm not sure what we will do in preparation of our Model 3 as far as charging goes (thinking we will want power for both cars to charge each overnight) but would be nice if they do the same for tax year 2018 and we would be able to get a credit for that tax year too.

 

[NewTMSMan]

Yes, but you'll still be limited to a maximum $300 credit on your 2017 return I believe, not per install...at least from the little description of how it works that I've read in the news.

Think you are not reading it properly; credit seems limited to $1,000, not the asset value the 30% credit is applied to.

(a) Credit allowed There shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to 30 percent of the cost of any qualified alternative fuel vehicle refueling property placed in service by the taxpayer during the taxable year.
(b) Limitation The credit allowed under subsection (a) with respect to all qualified alternative fuel vehicle refueling property placed in service by the taxpayer during the taxable year at a location shall not exceed - (1) $30,000 in the case of a property of a character subject to an allowance for depreciation, and (2) $1,000 in any other case.

Seems the credit allowed is limited to $1,000.

 

[ℬête Noire]

At the least, since it's looking like I might have crossed "the line" by a couple days, I should keep these receipts handy in case it gets extended again next Jan/Feb.

 

[pdx3181]

Does this include labor/materials or just the charger itself?

 

[boaterva]

The change is only the expiration date. All is as it was in 2016. It is for everything needed to install ‘alternate fuel’ supply, which includes electricity for EVs.

It’s for the whole thing, except permits (because government paperwork, I assume). So, all labor, parts, EVSE. Up to a max credit of $1000 in the tax year, meaning total cost of $3330 x 30%

There was one example in the instructions, however, I saw where you could do it twice if you moved. I’d be leery of doing that, though. IANATA.

I would also say you could argue an extra UMC for that 14-50 would qualify since it’s dedicated to it. But perhaps not since not permantly installed.

I have two HPWCs, transfer switch, etc (see sig). That all cost about $3300 installed. So, perfect!

 

[SMAlset]

We also bought Tesla's corded UMC charging cable/connector and mounting bracket to leave attached to the wall (instead of pulling out the mobile one from our car all the time) so thinking that would also be included. Saw the part about the permit (noted above) being excluded.

This may be all for naught however in our case. We were reading the third thread mentioned in OP's first post on the 14-50, and my husband reminded me that we always get whacked by the AMT. We'll submit our paperwork for the install to our accountant anyway and if it can be used or not for this year.

 

[djplong]

So what's the new expiration date? 12/31/2017? 2018?

This'll make a difference when I call the electrician to wire up the garage.

EDIT: Never mind - I found the text that specifically says 12/31/2017.

 

[number12]

Benefit is $200 or so?

Is a credit like this worth it for HN indivuals or just an unnecessary red flag?

 

[Az_Rael]

Only problem with this credit vs the EV Tax credit is this one is subject to the AMT. So I wasn't able to claim it years ago when I bought my Volt even though I was able to claim my $7500 credit. (And I had plenty of tax liability to get both if I had been able to).

 

[DriveMe]

Is this tax credit for businesses only? Or for individuals too?

 

[boaterva]

It’s for individuals if you installed charging equipment ALREADY in 2017.

If not, really nothing to see here. They extended the old expiration date of 12/31/2016 to 12/31/2017. Last year.

 

[DriveMe]

I did! I wish I knew about this a week ago. Already filed my taxes.
I’ll have to check with my tax person to see if it makes sense to file an amendment to get the extra $300.