New York State Alternative Fuels and Electric Vehicle Recharging Property Credit
For tax years beginning on or after January 1, 2013, the Tax Law allows a credit to certain taxpayers who invest in alternative fuels vehicle refueling property or electric vehicle recharging property. The credit for alternative fuels vehicle refueling property and electric vehicle recharging property is available only when the property is used in a trade or business located in New York State. This credit is not refundable, but any unused credit may be carried forward indefinitely. You must use Form IT-637 to claim this credit.
The credit for each installation of property is equal to the lesser of $5,000 or 50% of the cost of property less any cost paid from the proceeds of grants that:
- is located in New York State;
- is used 50% or more during the tax year in a trade or business carried on in New York State;
- constitutes alternative fuels vehicle refueling property or electric vehicle refueling property; and
- has not been paid for from the proceeds of grants awarded before January 1, 2015, including grants from the New York State Energy Research and Development Authority or the New York Power Authority.
- Restrictions apply, see program website for details.