Virginia State and Federal Tax Credits for Electric Vehicles
Did you know that by purchasing an electric vehicle, you may qualify for state and federal tax credits? Here at Pohanka Honda of Fredericksburg, we want to let you know about this exciting opportunity. If you have any questions, feel free to contact our friendly staff at 540-654-700!
State Tax Credits
To encourage the purchase and driving of electric vehicles, the state of Virginia is offering tax credits to qualified vehicles. This is ideal if you’ve been considering an eco-friendly model, but are worried about sticking with your budget. Exact rebates and terms are subject to change, but currently you can receive a reduced personal property tax rate if you live in Arlington or Loundoun county, as well as a discount on your electricity bill if you charge your vehicle at home during off-peak hours. You can even save time on your commute, since through September 2018, EVs qualify for High Occupancy Vehicle (HOV) Lane Exemption.
Federal Tax Credits
The state of Virginia is not the only sector willing to reward customers for the purchase of an EV as well as a Plug-In Hybrid (PEV). If you take home a new PEV that meets certain requirements, such as battery capacity, overall vehicle weight, and emission standards, you can also receive a federal tax credit of up to $2,500. If you do purchase a full EV model, you can potentially receive up to $7,500 in federal tax breaks. And, with the Federal Clean Cities initiative, you’ll have numerous resources on your side when it comes to learning more about your EV/PEV, where to find charging stations in your area, and much more.
We know that tax information can be confusing, which is why we are happy to sit down with you one-on-one and walk you through each step of process. As a Honda dealer, we have the Clarity Plug-In Hybrid, which qualifies for many of these state and federal tax credits. If you want to take a test drive or meet with our staff, simply stop by! We never require previous appointments and our no-pressure sales environment welcomes you to shop at your pace.
Now that you know a little more about Virginia state and federal tax credits for electric vehicles, come to Pohanka Honda of Fredericksburg. We look forward to seeing you soon here at 60 South Gateway Drive in Fredericksburg, VA.
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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.
** Reference Virginia Code 33.2-501 and 46.2-749.3) for HOV lane usage.