With any new presidential administration comes a certain degree of legislative uncertainty.
Conflicting statements on many issues by president-elect Donald Trump have produced more questions than usual about what policies he and his administration may pursue.
But for present and future electric-car owners considering the purchase of a home charging station, it may be wise to act before the end of this calendar year.
DON’T MISS: 2016 Transportation Bill: Electric-Car Fans Get More Reasons To Rejoice (Dec 2015)
That’s when the current federal income-tax credit for purchase of “alternative-vehicle home refueling infrastructure” is set to expire.
It was somewhat unexpectedly renewed for 2016 in the Fixing America’s Surface Transportation Act (FAST Act) signed by President Barack Obama last December 4.
An article last week in The Washington Post suggest that this credit, among many others, is not likely to be renewed this month by the lame-duck Congress.
[EDITOR’S NOTE: We are re-running this piece to remind readers that if they’re planning to buy and install an electric-car charging station or buy an electric motorcycle, the income-tax credits for doing so will expire at the end of this year and are unlikely to be renewed.]
2016 Nissan Leaf
“Republicans controlling the tax-writing committees in the House and Senate say they have no plans to extend expiring tax-code provisions,” the Post writes.
Those include not only “mortgage-debt forgiveness for financially troubled owners” and “mortgage-insurance write-offs used by moderate-income first-time buyers,” but also “deductions for purchases of energy-saving windows, insulation and other improvements.”
ALSO SEE: How to buy an electric-car charging station: buyer’s guide to EVSEs
The federal income-tax credit in effect through the balance of 2016 covers up to $1,000 for home refueling equipment and installation at a taxpayer’s private residence.
That includes the purchase of an electric-car charging station, plus any wiring or installation that’s necessary, during the year ending December 31.
2017 Zero SR electric motorcycle
There’s also a tax credit for businesses of up to 30 percent of the cost of installing alternative-vehicle refueling infrastructure, capped at a maximum of $30,000.
Current Federal income-tax credits of $2,500 to $7,500 for purchase of a plug-in electric vehicle with a battery pack of 4 to 16 kilowatt-hours (or more) will remain unchanged.
CHECK OUT: How To Wire A New Garage For Electric-Car Charging: What You Need To Know
But a tax credit of up to 10 percent of the cost of purchasing an electric motorcycle also expires on December 31.
So if you’ve been debating whether to go for that 240-Volt Level 2 charging station, or treat yourself to that electric motorcycle you’ve been eyeing, it’ll cost you less if you do it this month.
_______________________________________
Follow GreenCarReports on Facebook and Twitter.
View original article at: “https://www.greencarreports.com//news/1107542_why-to-buy-that-electric-car-charging-station-or-electric-motorcycle-this-month”
