S.B. 438 - Electric Vehicle Charging System Tax Credit

• Establishes a tiered income tax credit for taxpayers who install or upgrade electric vehicle charging systems available for public use.

• New installation credits: 30% of costs (max $2,000) for level two single-port systems; 50% of costs (max $6,000) for level two multi-port systems; 70% of costs (max $35,000) for level three systems.

• Upgrade credits: 50% of costs (max $3,000) for level two multi-port systems; 70% of costs (max $28,000) for level three systems.

• Caps total annual tax credits at $3,000,000 across all taxpayers; allows excess credits to carry forward to subsequent years; claims must be filed within 12 months of tax year close.

• Takes effect July 1, 2050, and applies to taxable years beginning after December 31, 2018.