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2023 SESSION

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HB 1790 Electric vehicle charging equipment; creates tax credit.

Introduced by: David A. Reid | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Tax credit for electric vehicle charging equipment. Creates a tax credit for taxable years 2023 through 2027 for expenses incurred in connection with installing qualified electric vehicle charging equipment in the Commonwealth in an amount equal to 30 percent of the cost of purchasing and installing such equipment during the taxable year. The bill provides that the tax credit shall not exceed $1,000 for such equipment purchased for nonfarm use and $3,000 for such equipment purchased for use on a farm or ranch. The bill specifies that in order to qualify for the credit, a taxpayer must be (i) an owner and operator of a farm or ranch, as defined by § 3.2-6400, that is engaged in the commercial production of agricultural products or (ii) an individual.


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