Will a new charging station qualify for a tax credit?

If you install a charging station at a business location or a residence, the cost may entitle you to a tax credit (the alternative fuel vehicle refueling property credit). The credit with respect to any single item is limited to $100,000 for depreciable property (i.e., a business’ charging station) or $1,000 for personal use at a residence. But one condition is that it’s located in an eligible census tract. The IRS has guidance explaining what this geographic requirement means, including the 11-digit census tract identifier for the location where the property is placed in service. #IdeaoftheDay