Electric vehicle charging tax break ends
Even as more and more manufacturers are gearing up to sell electric cars in America in response to higher fuel economy standards and tighter vehicle emission standards, Congress this month let the federal tax credit for home fast charging stations lapse.
The credit allowed taxpayers to deduct up to 30% or $1,000 of the cost of installing an EV charging station in their garage. Commercial installers could have deducted up to $30,000.
The charging station credit was in addition to the $7,500 tax credit given to buyers of electric vehicles, which were both designed as stimulants to get the EV market off the ground.
The dedicated home charging stations that were eligible for the tax break run on a 220-volt electric outlet which can cut the standard 8-10 hour charge time in half.
Automakers with EV products says they dont anticipate a significant drop in sales because of the credit loss, noting many customers are content with using a wall plug and letting them charge while they sleep. They also said the rollout of rapid charging stations by municipal governments in many states make charging less of an issue than it first was.
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