Form 8911 is used to claim a credit for the alternative fuel vehicle refueling property placed in service during the tax year.
The following information can be found on the IRS website:
Qualified Refueling Property
To qualify for the credit, refueling property must be used to store or dispense clean-burning fuel.
In addition, the following requirements must be met to qualify for the credit:
- The refueling property is placed in service during the tax year.
- The original use of the property began with the taxpayer.
- The property is used primarily inside the United States.
- If the property is not business or investment use property, it must be installed on property used as a main home.
Beginning January 1, 2023, the Inflation Reduction Act expands qualified property to include:
- Charging stations for 2- and 3-wheeled vehicles (for use on public roads)
- Bidirectional charging equipment (vehicle-to-grid or V2G)
Starting in 2023, qualifying property will be limited to property placed in service within low-income communities or non-urban census tracts.
Amount of Credit
Starting January 1, 2023, the credit for qualified refueling property subject to depreciation equals 6% with a maximum credit of $100,000 for each single item of property.
Businesses meeting prevailing wage and apprenticeship requirements may be eligible for a 30% credit with the same $100,000 limit.
For qualifying property not subject to depreciation, the credit equals 30% of the cost with a maximum amount of $1,000 per item.
For property placed in service before January 1, 2023 (including personal property), the credit is 30% of the cost of qualified refueling property with a maximum total credit allowed of $30,000 for depreciable property and $1,000 for all other property.