A recent IRS notice clarifies the “census tract requirement” to quality for the alternative fuel vehicle refueling property credit. Eligible tracts must be in low-income areas in the United States or U.S. territories, based on Community Development Financial Institutions Fund data. Also eligible are tracts in nonurban areas. To identify nonurban areas, the IRS plans to issue regulations that use Census Bureau information (currently, the 2020 census) on the smallest population blocks. Ten percent of blocks not designated as urban would be considered nonurban census tracts eligible for the credit. Learn more: https://bit.ly/3u00aQ5
Our Blog 