Official: Toyota's $7,500 Federal Tax Credit Phaseout Is Underway via insideevs.com
It means that the full amount of up to $7,500 will be available only through the end of the third quarter. After that, customers will be able to get only 50% of that for the next two quarters , and only 25% for the final two quarters .
Once time runs out, Toyota will join Tesla and General Motors as the third manufacturer of plug-in cars without eligibility for the federal tax credit . The lack of eligibility for the federal tax credit will slightly lower the competitiveness. From October 1, 2022, the cars will be effectively $3,750 more expensive .
Toyota used its 200,000 federal tax credits almost entirely on plug-in hybrids, as the compliance Toyota RAV4 EV was a very small project, and the all-new all-electricThe federal tax credit amount is up to $7,500 per car . The minimum requirement is at least 4 kWh battery and capability to recharge from an external source of electricity.
After officially reaching 200,000 units, the full amount is available through the end of the particular quarter, during which the limit was reached, and for the following quarter . Then, the amount will be decreased to 50% for another two quarters and to 25% for the final two quarters .
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