Swiftmile Charging Systems Qualify for New Tax Credits
On August 16, President Biden signed the Inflation Reduction Act into law, the single-largest climate policy investment in U.S. history. Importantly, the Act updated Section 30C, the Alternative Fuel Infrastructure Tax Credit, to include micro-mobility charging infrastructure for “two- and three-wheeled electric vehicles” as a “qualified alternative fuel vehicle refueling property”.
This expansion of the tax credit means that Swiftmile’s Micro-Mobility Charging Hubs, which provide parking and charging for both private and public bicycles and scooters, qualify for up to a 30% tax credit, at a maximum value of $100,000, for each “property”. The credit also allows for the inclusion of the depreciable portions of construction and installation.
For cities and businesses, this inclusion of micro-mobility infrastructure in the Act offers a tremendous opportunity to expand their support for alternative modes of transportation. Considering the expectation of 10’s, and possibly 100’s, of millions of bikes, trikes, e-mopeds, and scooters on our roads in the coming decade, the development of secure parking and charging for these vehicles will be a vital piece of our transportation infrastructure.
The Swiftmile team has always advocated for the infrastructure needed to support micro-mobility, and we are gratified to see these generational investments being fueled under this sweeping climate legislation.
We are likewise committed to making this a generational opportunity for every city, business, and individual that recognizes electric micro-mobility as key to the future of transportation and we look forward to working with all of you – our customers, our partners, and the entire micro-mobility community – to further our shared goals of climate friendly, equitable transportation for every American.
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