Actions to Take Now Because of the New Tax Law

• Vs and Charging Stations

  • For individuals who install a charging station at a residence: 30% of the cost of the charger plus installation up to $1,000 per port (assuming it is in a rural or low-income community)

  • For businesses: 30% of the cost up to $100,000 (assuming it is in a rural or low-income community and prevailing wage and apprenticeship requirements are met)

  • The credits apply only to charging stations installed by June 30, 2026. Again, if you want to have one and take advantage of the credit, it must actually be installed, and not just purchased, by that date.

• Work Opportunity Credit

• Home Builders 

  • If you are a contractor who builds energy-efficient homes, you may be able to claim a federal tax credit of up to $2,500 per single-family home, $2,400 per manufactured home, and $500 per unit for a multi-family home. The credit amounts are higher credits when meeting prevailing wage standards. The credit is available only for qualified homes purchased by homeowners on or before June 30, 2026. 

• Energy-Efficient Commercial Buildings 

  • This deduction ends for projects whose construction begins after June 30, 2026. 

• Other Green Energy Tax Breaks 

  • A number of green energy tax credits are scheduled to expire soon. For example, the clean energy investment credit for solar, wind, fuel cells, etc. applies only if construction of the projects begins by July 4, 2026, and is placed in service by December 31, 2027.

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This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com  | 📞 718-317-5007