On September 18, 2024, Treasury and the IRS released a proposed rulemaking to implement the 30C Alternative Fuel Vehicle Refueling Property tax credit. Treasury and the IRS adopted an inclusive view of single item of 30C property which is defined to include each individual charging port at a site plus any functionally interdependent and, if applicable, any integral part of property associated with the item to include onsite energy storage property. This definition distinguishes between refueling and recharging properties - a theme that persists throughout the proposed rule.
The proposal also touches on a number of other topics relevant to ZETA members including limiting the 30C credit from applying to bidirectional-capable equipment onboard vehicles (but not chargers), streamlining the implementation of prevailing wage and apprenticeship requirements by enabling taxpayers to effectively bundle properties of a similar character when calculating PWA multipliers, procedures for apportioning the credit value between commercial and residential chargers, provisions related to dual-use property, and recapture rules. The proposal also requests comments on how to apply the 30C geographic requirements to mobile chargers and low-population census tracts. [Full Text Here]
