Tax credits on charging stations

[jeffand]

Tax credits on charging stations

Did you install a charging station in 2012? Well if you did you may be entitled to a tax credit. To get the credit you will need to fill out form 8911 when you file your IRS 1040.
I got this information from an E mail from Charge Point. I have not been able to research all the details at this point. But rest a sure I will be checking it out when I file my taxes. If you have any comments on this please chime in.

Click on the link to see more information on charging station tax rebate.
http://www.law.cornell.edu/uscode/text/26/30C

This link is to IRS form 8911.
http://www.irs.gov/pub/irs-pdf/f8911.pdf

 

[v_traveller]

Thanks jeffand!

So from what I read on the Cornell link (down at the bottom), it looked like the 30% tax credit (max $1000) is not only retroactive to 2012 installations; it also applies to 2013 installations (woohoo!). Other info out there seems to confirm this in stronger language:

http://www.chargepoint.com/taxcredit/
http://nevadaeva.org/evse-federal-tax-credit-reinstated-and-retroactive-from-december-31-2011/

I've been doing fine with the stock 120v charger that comes with the FFE since I top off at work... but with this rebate I am now contemplating picking up a Level 2 30A EVSE from Home Depot (Siemens, maybe?) before SCE's summer rates kick in, to make sure the FFE can get a full charge between 12am and 6am. I'm hoping that Level 2 chargers continue to drop in price...

 

[Fluke]

I got the same notification from Chargepoint and was glad to hear the charging station 30% tax credit was extended.

In 2011, I purchased a Chevy Volt and charger. My tax preparer insisted that the maximum tax credit between the car using Form 8936 and the charger using Form 8911 was $7500. Due to timing, I just filed the taxes as they were prepared and didn't argue much. So this year, I've got the same situation and looking for confirmation from anyone who successfully claimed both credits.

 

[jeffand]

I have finish my taxes and was able to take the full $7500 Plug in Electric Drive Motor Vehicle Credit (form 8936), but was unable to take advantage of the Alternative Fuel Vehicle Refueling Property Credit (Form 8911) . This was because of the Alternative Minimum Tax (Form 6251) is factored in on line 17 of form 8911. If you are also are taking the Plug in Electric Drive Motor Vehicle Credit you have to enter this in on line 15B of form 8911. In my case this dropped my tax below the Alternative Minimum Tax thus totally eliminating the credit. It also appears that the Plug in Electric Drive Motor Vehicle Credit is unaffected by the Alternative Minimum Tax. The Plug in Electric Drive Motor Vehicle Credit can only reduce your federal tax liability; it can't make it less than zero on line 55 of the 1040 form.

 

[floppymoose]

Sounds like another point in favor of leasing. Since Ford takes the $7500 off the car value instead of you taking it as a tax credit, it won't make you more likely to run up against the AMT.