Virginia EV Tax Credits

Most drivers near Sterling, Reston, Herndon, Centreville, Ashburn, Chantilly, and in Loudoun County know about the environmental benefits of driving an electric or hybrid car. They are also aware that they will save a significant amount on fuel costs. But are there other financial perks of buying an electric car like the MINI Electric? Specifically, do Virginia residents get EV tax credits? Instead of a Virginia EV tax credit, the state offers rebate opportunities. Let the MINI of Sterling team introduce you to the new and used EV tax credits in Virginia.

Do Virginia Residents Get EV Tax Credits?

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 EV tax credit. Do Virginia residents get an EV tax credit for vehicles driven on the streets of Sterling, Dulles Airport, and beyond? While there is no new or used EV tax “credit” in Virginia, the state legislature approved an electric vehicle rebate program that provides the following financial incentives:

• A state resident can claim a $2,500 new or used EV tax credit in Virginia as long as the vehicle’s MSRP does not exceed $55,000.
• A state resident who meets specific income guidelines can claim an added $2,000 in used or new EV tax credits in Virginia, but their annual income must be less than 300 percent of the current poverty guidelines.

Remember that funding for used and new EV tax credits in Virginia is limited and only available on a first-come, first-serve basis.

Federal EV Tax Credits

Virginia EV tax credits are just the start. The federal government also provides an EV tax credit of up to $7,500 for qualified buyers and vehicles. To be eligible, an EV must:

• Be made by a qualified manufacturer
• Have a battery capacity of at least seven kilowatt hours
• Have a gross vehicle weight rating of less than 14,000 pounds
• Have a sale price of no more than $80,000 for vans, sport utility vehicles, and pickups and $55,000 for other vehicles
• Meet critical mineral and battery component requirements
• Undergo final assembly in North America

Buyers also must not exceed these guidelines to qualify for the federal EV tax credit:

• $300,000 for married couples filing jointly or a surviving spouse
• $225,000 for heads of households
• $150,000 for all other filers

Your EV discount is typically taken at the point of sale. And that means instant savings and no complicated paperwork to fill out.

Check Out the MINI Electric at MINI of Sterling

Do Virginia residents get EV tax credits? New and used EV tax credits in Virginia and at the federal level 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, take a look at our car-buying tips or contact us today for more details about used and new EV tax credits in Virginia.