Senate Bill 2977 Summary

• Creates a tax credit equal to 75% of the cost for taxpayers who place a qualified alternative-fuel electric fueling station in service during calendar year 2021 or 2022.

• Credit may be applied against income taxes, premium and related retaliatory taxes, or franchise taxes; credits are nonrefundable and nontransferable but may be carried forward for up to five years.

• Establishes an annual cap of $12.5 million per year for a cumulative $25 million cap over the two-year application period, with applications processed on a first-come, first-served basis.

• Requires taxpayers claiming the credit to submit annual reports to the Department of Environmental Quality for five years, including charging event data, number of vehicles charged, and kilowatt-hours dispensed.

• Authorizes the Department of Revenue to adopt rules and regulations to implement the credit program; effective January 1, 2021.