What Do San Antonio Toyota Buyers Need to Know About EV Tax Credits?
The federal Clean Vehicle Credit offers up to $7,500 in tax savings for eligible electric vehicles. This program is set to expire on September 30, 2025, unless extended. There’s also a tax credit for installing home EV chargers, which ends on June 30, 2026. If you’re considering a Toyota EV, understanding these deadlines is key.
How Is the $7,500 Federal EV Tax Credit Structured?
The credit breaks down into two parts:
- $3,750 for EVs that meet battery component sourcing requirements
- $3,750 for EVs that meet critical mineral sourcing standards
Some Toyota EVs may qualify for the full credit; others might only receive a partial amount depending on sourcing and manufacturing.
What Are the Eligibility Requirements for Toyota EVs to Qualify?
To qualify, a Toyota EV must:
- Be new at purchase
- Have a battery with at least 7 kWh capacity
- Be assembled in North America
- Be produced by a qualified manufacturer
- Fall under the MSRP limits:
There are also MSRP limits:
- $80,000 for trucks, vans, and SUVs
- $55,000 for all other vehicles
The dealership is also responsible for submitting buyer and vehicle information to the IRS to confirm eligibility.
Why Should You Act Before These EV Incentives Expire?
These credits are temporary. The Clean Vehicle Credit expires September 30, 2025, and the home charger credit ends June 30, 2026. There’s no certainty of renewal, so acting now ensures you don’t miss out on valuable savings.
How Can North Park Toyota Help You Navigate EV Tax Credits?
At North Park Toyota in San Antonio, TX, we guide you through qualifying EV models, confirm your eligibility, and help you understand the timing. Our team is ready to assist you in making the most of available federal incentives.
Ready to Take Advantage of EV Tax Credits?
Contact North Park Toyota today to explore your options and save on your next electric vehicle purchase.
