Alternative Fuels and EV-Recharging Property Credit

New York property owners can claim a nonrefundable tax credit of up to $5,000 or 50% of installation costs (whichever is less) when installing Level 2 or DC fast-charging equipment on their property, provided the equipment is used 50% or more for business purposes in New York and wasn't funded by pre-2015 grants. File Form IT-637 with your tax return for tax years beginning January 1, 2013 or later.

Installers should inform commercial and industrial customers that New York's EV-recharging property credit covers the cost of all equipment needed to deliver power from the grid to vehicle storage systems, with the incentive capping at $5,000 or 50% of project cost per installation. Ensure customers understand the equipment must be located in-state, used primarily for New York business operations, and not co-funded by older grant programs to qualify.

This nonrefundable corporate and individual tax credit, effective for tax years beginning January 1, 2013, provides up to $5,000 or 50% of installation costs for Level 2 and DC fast-charging equipment in New York, excluding costs already covered by grants awarded before 2015 from NYSERDA or NYPA. Corporations file Form CT-637 and individuals file Form IT-637; the credit targets commercial and industrial sectors with in-state business use requirements.