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30C Tax credit

What is the 30C Tax Credit?

The 30C Alternative Fuel Vehicle Refueling Property tax credit is a provision under the Inflation Reduction Act (IRA) that incentivizes the installation of electric vehicle (EV) charging stations and other types of refueling infrastructure for low-carbon fuels.

How much can you get from the 30C Tax Credit?

  • Credit Amount: Organizations can receive a base credit of 6% of the total cost of a project including the hardware and installation. This amount can be quintupled to 30% if specific Prevailing Wage and Apprenticeship (PWA) rules are followed related to the installation of the project.
  • Maximum Credit: The 30C credit is limited to $100,000 per single item of property for commercial installations.

What is Covered by the 30C Tax Credit?

  • EV Charging Stations
  • Low-Carbon Fuel Refueling Property:
    • Ethanol-blended gasoline (e85)
    • Compressed natural gas (CNG)
    • Liquefied natural gas (LNG)
    • Liquefied petroleum gas (LPG / propane)
    • Hydrogen (H2)
    • Biodiesel

How to Qualify for the 30C Tax Credit?

  • Geography: To be eligible for the 30C tax credit, a project must be located in an eligible census tract (non-urban or low-income areas).The Department of Energy has a map that allows you to look-up the geographic eligibility of a given project site address.
  • Credit maximization: If a project is located in an eligible census tract, then it can claim the 6% tax credit pursuant to the 30C rules. To qualify for the full 30% tax credit for 30C, a project must also comply with Prevailing Wage and Apprenticeship (PWA) rules and maintain records including payroll and registered apprentice program certifications to demonstrate compliance.

How To Claim the 30C Tax Credit?

  • Source Tax Credit form: Any organization claiming the 30C credit must submit to the IRS with its annual tax return the Alternative Fuel Vehicle Refueling Property Credit tax form known as the Form 8911. This form calculates and claims the tax credit for the installation of qualified alternative fuel vehicle refueling property.
  • Additional forms: Organizations may also have to submit to the IRS additional forms including the General Business Tax Credit form (Form 3800), and a Exempt Organization Business Income Tax Return (990-T) for tax-exempt organizations
  • Recordkeeping: It is very important that any organization claiming the 30C tax credit maintains records of all relevant documentation that substantiates its claim. This includes purchase receipts that prove the cost of the project, installation permits, and any relevant Prevailing Wage and Apprenticeship compliance details.

Why Choose Giraffe Financial for Your IRA Tax Credit Needs?

**Giraffe Is Like Hitting the ‘Easy-Button’ to get your tax credits**

Giraffe Financial provides a full-service solution for taking advantage of the 30C tax credit. Giraffe simplifies the process while ensuring eligible tax credits are maximized and taken advantage of. Here’s how we help:

  • Eligibility: Giraffe will confirm your project site is eligible for the tax credit depending on when the system is placed in service, when costs were incurred, and which census tract it’s in (the DOE map isn’t reliable, but we will cross reference the latest IRS rulemaking). Giraffe knows all the nuances of eligibility and can help you understand if you qualify for any exceptions that might enable you to qualify as eligible.
  • Prevailing Wage and Apprenticeship (PWA): To maximize the value of your tax credits, it’s paramount to ensure that the installation of the equipment is done adhering to IRS regulations regarding PWA. Giraffe will work with you and your installer to clarify the rules so that everyone understands and so that contracts are adapted to embed appropriate legal language that requires the collection of documentation needed to substantiate PWA claims and capture the full 30% tax credit.
  • Tax Credit Calculations: Giraffe and our team of CPAs  will work with you to collect all cost data you have, review it to determine eligibility for tax credits, and optimally calculate your tax credit. We’re experts at coaching you to understand how the tax basis that credits are calculated off are calculated, and we’ll ensure you get the most credit possible based on inclusion of all relevant costs.
  • Compliance and Recordkeeping: Giraffe workflows guide clients through submission of all supporting documentation through our secure online portal. We review all information provided including proof of ownership, relevant permits, invoices, payroll and apprentice records etc. We use this documentation to build an audit-memo for you and maintain records on your behalf via your online account.
  • Pre-filing Registration: If you plan on pursuing the Direct Pay or Transfer provisions under the IRA, then at least 120 days prior to submitting your annual tax return you must submit a pre-filing registration to the IRS. You can do so yourself following this 73 page Pre-filing User Guide, or, by working with Giraffe we will create an account and manage the entire pre-filing process on your behalf.
  • Transfers: If you want to transfer your tax credits for cash then Giraffe will manage the entire process for you. We’ll aggregate your credits with others to attract better pricing via economies of scale, we’ll market your credits to find a buyer that will pay the best price, prepare a data room ensuring you have all desired documentation appropriately organized, provide all required legal documentation and coach you through the process, and critically we’ll structure insurance for your projects so that buyers will be willing to purchase them. Note that other tax credit transfer marketplaces simply broker the transaction by matching sellers with buyers whereas Giraffe manages the entire process on your behalf of structuring, negotiating, and insuring the credits.