Federal Tax Credit For Toyota Prius Prime
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Battery capacity will decrease with time and use.
Federal tax credit for toyota prius prime. For vehicles acquired after 12312009 the credit is equal to 2500 plus for a vehicle which draws propulsion energy from a battery with at least 5 kilowatt hours of capacity 417. In other words buying a 2020 toyota prius wont get you a tax credit. Toyota motor sales usa inc.
4502 prius plug in electric drive vehicle 2012 2013. 2019 prius prime 55 city53 hwy54 combined mpg estimates determined by toyota. Prius prime plug in hybrid 2017 2018 2019 and 2020.
Federal tax credits for new all electric and plug in hybrid vehicles federal tax credit up to 7500. A tax credit reduces the total amount of income tax an individual owes the federal government. Does the toyota prius prime have awd.
However purchasing a 2020 toyota prius prime plug in hybrid can potentially get you some money back. As of september 2020. 2018 prius prime epa estimated combined mpge.
Qualified plug in electric drive motor vehicles irc 30d internal revenue code section 30d provides a credit for qualified plug in electric drive motor vehicles including passenger vehicles and light trucks. All electric and plug in hybrid cars purchased new in or after 2010 may be eligible for a federal income tax credit of up to 7500. The 2021 toyota prius prime is front wheel drive.
What vehicles currently qualify for the federal credit. For example if you owe 8000 in federal income tax a 5000 alternative energy vehicle tax credit would reduce the amount you owe to 3000. But if your vehicle qualifies for a 7500 tax credit and your federal tax bill is only 4000 you can.
Alternative vehicle tax credits help the environment and taxes. Sign up and start. For example the toyota prius prime a plug in hybrid hatchback only qualifies for a 4502 tax credit.
Either way the federal tax credit available to anyone buying a prius prime in the us. The standard prius however is now. The credit amount will vary based on the capacity of the battery used to power the vehicle.
Actual mpge will vary depending upon driving conditions how you drive and maintain your vehicle and other factors. Toyotas prius prime qualifies for a 4502 federal tax credit.
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