Congratulations to anyone who bought an electric car last year, as today, Congress took action to retroactively extend several tax credits, and among them were credits for EV charging infrastructure, fuel cell vehicles and electric motorcycles.
A lot of people know about the $7,500 federal tax credit for electric vehicle purchases, but there are a number of other incentives available to EV buyers which help to offset initial costs. These include today’s newly-extended 30% rebate (up to $1,000) on costs associated with the installation of an EV charging station, a 10% credit (up to $2,500) on 2- or 3-wheeled electric vehicles such as electric motorcycles, and a $4,000 credit for the purchase of a new fuel cell vehicle.
These credits had previously expired at the end of 2016, and today were extended retroactively through the end of 2017. Anyone who purchased an electric motorcycle, a fuel cell vehicle, or spent money on a charging installation in 2017 can qualify for these credits on their 2017 tax return.
**CORRECTION: A previous version of this article stated that the credit was available for 2018, as the original Senate bill stated. The bill as passed only extends the credit through the end of 2017, though. Apparently we will have to wait to see if they ever decide to extend the credit for 2018, compounding the problem mentioned below about retroactive incentives.