Congress has reinstated the EVSE tax credit for 2014 just in time for the holidays!
The Tax Increase Prevention Act of 2014 (H.R. 5771) contains special provisions, rule tweaks, and concessions for many, many, many different constituencies.
It extends more than 50 provisions of the tax code that expired at the end of 2013 or this year--and there's good news for green-car advocates buried in the fine print.
Among the items Congress is extending the tax credit for installation of electric-car charging stations -- technically termed Electrical Vehicle Supply Equipment, or EVSE -- through the end of 2014.
Individuals can deduct 30 percent of the cost of purchasing and installing an EVSE up to $1,000, according to Jay Friendland.
Businesses can deduct the same 30 percent, but up to $30,000.
The tax credit applies to any system placed into service by December 31--that's 12 days from now, so shop today--and is retroactive to January 1 of this year.
Language specifying the credit is contained in the Alternative Refueling Tax Credit section of IRS Section 30(C).