By Ovunc Kutlu
ISTANBUL (AA) - The US Treasury Department released guidance Wednesday to expand clean vehicle recharging and refueling infrastructure in the nation.
The guidance provides clarity on alternative fuel vehicle refueling property investments for battery-powered electric vehicle charging and other clean fuel infrastructure such as hydrogen refueling, it said in a statement.
It also aims to lower transportation costs and increase energy security by making clean vehicles like electric and plug-in hybrids more affordable for American consumers, it added.
A new provision provides a tax credit for up to 30% of the cost of installing qualified alternative fuel vehicle refueling property such as chargers and hydrogen refueling property, according to the statement.
The credit may be claimed by individuals up to $1,000 and by businesses up to $100,000 for each single item of property placed in service, it added.
"The steps we are taking today will help lower transportation costs for Americans and strengthen our energy security," said Treasury Deputy Secretary Wally Adeyemo.
Ali Zaidi, national climate advisor to President Joe Biden, said the guidance will "accelerate capital formation and project investment" into the critical infrastructure sector and position the US to lead the global clean energy economy.