The credit for the charging station in a nonrefundable credit. A non-refundable tax credit is a tax credit that can only reduce a taxpayer's liability to zero. The credit can't be used to increase your tax refund or to create a tax refund when you wouldn't have already had one.
The following conditions must be met to qualify for this credit:
- You started using the station in 2020.
- You are the original owner of the station.
- The station is used primarily in the United States.
- The station is installed in your main home or business location.
Limitations of this credit - Personal Use
- If your credit is bigger than what you owe in taxes, the taxes you owe are reduced to zero, and the rest of your credit is lost.
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