Heads up: the federal EV tax credit for toyota is about to phase out
Important update: The new federal tax credit set up by the Inflation Reduction Act means this blogpost is out-of-date as of January 1, 2023. Check out our Rebates & Incentives page for the latest!
If you are looking to purchase an electric vehicle from Toyota, like the Toyota Prius Prime or the Toyota RAV4 Prime, you should know that the federal tax credit will soon start phasing out. The federal tax credit is capped at 200,000 electric vehicles (EVs) sold per manufacturer and Toyota is expected to reach this cap before June 2022. Here’s what this means if you’re in the market!