Is There a Virginia Electric Vehicle Tax Credit?

 

Most Louden County drivers know about the environmental benefits of driving an electric or hybrid car. They’re also aware that they’ll save a significant amount on fuel costs. But are there other financial benefits for buying or leasing an electric car, like the MINI Electric? For example, does Virginia give a tax credit for electric vehicles? Well, instead of a Virginia state tax credit for electric vehicles, the state legislature has passed legislation making a rebate available. Let’s take a closer look at the details.

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Does Virginia Give a Tax Credit for Electric Vehicles?

You may have heard about how other states and even the federal government offer tax incentives for buying or leasing electric vehicles. So, you may be curious if there is a Virginia electric tax credit. Does Virginia give a tax credit for electric vehicles that are driven on our Dulles streets? While there is no Virginia state tax “credit” for electric vehicles, the state legislature approved an electric vehicle rebate program for the purchase or lease of an electric or hybrid vehicle. However, that program has not yet been funded. Here are the details:

Virginia Electric Vehicle Rebate Program

• Beginning January 1, 2022, any Virginia resident who purchases or leases a new electric or hybrid vehicle is eligible for a rebate of $2,500.
• Beginning January 1, 2022, any Virginia resident who purchases a used electric or hybrid vehicle for $25,000 or less is eligible for a rebate of $2,500.
• Anyone who meets the above eligibility criteria may also be eligible for an additional $2,000 in enhanced rebates.

Federal EV and Hybrid Tax Credit

While there may not be a Virginia electric vehicle tax credit, the US federal government offers an EV and hybrid tax credit. So, if you’re thinking of switching to an electric vehicle for your DC Metro commute, you’ll be glad to know that the federal government will grant a tax credit of $2,500-$7,500 to those who purchase an electric or hybrid car.

Check Out the MINI Electric at MINI of Sterling

Tax incentives and rebates are just the tip of the iceberg when it comes to the benefits of driving the MINI Electric, especially when you take advantage of our regional lease and finance offers. So, come down for a test drive. And, if you would like to learn more, check out our other car buying tips. We’re just down the road. So, drop by or contact us today.