Virginia State and Federal Tax Credits for Electric Vehicles
Are you ready to purchase an electric vehicle? In addition to the thrill of driving a new car, you can also qualify for state and federal tax credits. There’s never been a better time to drive home in an EV or a PEV model, so come to your local Hyundai dealer, Pohanka Hyundai of Fredericksburg, and learn more!
Along with the rising popularity of electric vehicles, both the federal government and the state of Virginia are doing their part to encourage consumers to consider this eco-friendly choice. In addition to other benefits these vehicles have, you’ll also get to save money. On the federal level, the purchase of qualified vehicles allow you get up to $2,500 for Plug-In Hybrid (PEV) or up to $7,500 for EV models. In order to claim this credit, you will need to fill out the corresponding tax form, but we are happy to guide you through that process here at our dealership.
In addition to the credits mentioned above, you can also tack on state credits to add even more savings. In the state of Virginia, you currently can qualify for a reduction on your personal property tax in both Arlington and Laudon counties. Since the majority of your charging will be done at home, the state is also featuring discounted electricity rates during off-peak hours. If you have an Alternative Fuel Vehicle (AFV) sticker on your license plate, you can also save time while driving by using Virginia’s HOV lanes1, even if you are the only one in the vehicle. This does require a small yearly fee, so be sure to check the Virginia Department of Transportation HOV Lanes website for the latest details. And, you won’t need to worry about dealing with the biannual emission test2!
Our Staff Can Help!
Here at Pohanka Hyundai of Fredericksburg, we can’t wait to help you take advantage of these valuable options. If you want to check which vehicles we currently have in our showroom that will qualify, such as the Ioniq Plug-in Hybrid and the Ioniq EV, don’t hesitate to set up a test drive over the phone or just stop by. Our sales staff is well-versed on all features these models have to offer, as well as the most current tax credit info.
Pohanka Hyundai of Fredericksburg wants to be your trusted source for all things automobile-related, including Virginia state and federal tax credits for electric vehicles. We look forward to talking with you soon, so contact us today!
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*Make sure to check with a tax or financial advisor to confirm your eligibility for these benefits and learn more about available rebates in your state.
**The information on this page should not be viewed as an official or legally binding document. Other requirements or exceptions may apply. For more detailed information, please consult an IRS tax representative and/or official IRS publications.
1 Reference Virginia Code 33.2-501 and 46.2-749.3).
2 see the Virginia Department of Motor Vehicles Emissions Inspections website (Reference Virginia Code 46.2-1177 through 46.2-1178).