What is the Hybrid Vehicle Tax Credit?
It’s true: there are state tax credits for hybrid and electric vehicles in the state of California. These rebates can help commuters around Huntington Park save the planet and some money. How much can you rake in, though? The California Clean Vehicle Rebate Project offers access to rebates of up to $7,000, including $1,500 for the new 2018 Toyota Prius Prime and $2,500 for a new 2012-2014 Toyota RAV4 EV. Additionally, both the Prius Prime and RAV4 EV are eligible for single-occupant access to the HOV (High Occupancy Vehicle) lanes in California.
How Can You Claim the State Tax Credit?
The California Clean Vehicle Rebate Project: First, apply online. Then, applicants will need to submit a Household Summary Form, an IRS Form 4506-T, and any other required documents. Within 90 days of approval, a single payment rebate check is mailed to the applicant, regardless whether you purchased or leased the vehicle.
HOV Lane Access: To access the HOV lanes, you must apply for a Clean Air Vehicle Decal on California’s Department of Motor Vehicles’ website.
Are There Other Credits?
The tax benefits aren’t limited to state credits; there are federal rebates as well! It all depends on which vehicle you choose. For example, if you could get around $4,500 if you opted for the 2018 Prius Prime plug-in hybrid. If you choose a new 2012-2014 Toyota RAV4 EV, you could get as much as $7,500.
How Can You Claim the Federal Tax Credit?
Claiming the Plug-in Electric Drive Motor Vehicle Tax Credit isn’t difficult, according to the IRS. If you’ve purchased a new electric vehicle in the current tax year, simply fill out form 8936, attach it to the rest of your income tax forms, and file your return! If you’ve made your purchase within the past three years and didn’t claim it on your income taxes, you can file an amended return and still take advantage of the credit.
These savings can help offset some new vehicle costs. Plus, with the money you’ll save at the pump, your ride down I-405 can become much cheaper.
Become a More Eco-Friendly Driver at Toyota of Downtown LA
Want to save more at the pump and line your pocketbook? Check out some of our fuel efficiency tips for day trips around the Mission Hills area, or whether your vehicle qualifies for a smog inspection. Contact us today with further questions.
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