Is The Toyota Rav4 Hybrid Eligible For A Tax Credit?
Toyota is scheduled to get the $7 all the way to $7,500 in tax credits.
Toyota has reached its cap of 200,000 units for EVs and plug-in hybrids, which are eligible for the $7,500 federal tax credit.
The plug-in electric car is not eligible for the $7,500 federal tax credit.
The idea is pretty straightforward, in theory: All new-purchased electric and plug-in hybrid vehicles
from 2010 or later can qualify for up to $7,500 of federal tax credits, according to the U.S. Department of Energy.
For instance, Californias electric car incentives include a credit worth up to $7,000 when you buy a new electric car or plug-in hybrid.
Vehicles made by GM and Tesla, which have each exhausted the credit under
a prior program that phased it out after 200,000 units were sold,
would not be eligible again under the new rules until 2023.
Buyers will not be eligible to receive any tax reduction on Toyota vehicles purchased after Sept. 30, 2023.
When it comes to electric vehicles, however, Toyota is most accurate going with third place
at least as far as whether Toyota is reaching the federal maximum limit for tax credits on electric cars and
plug-in hybrids with gas-electric power (PHEVs).
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