2024 Virginia Tax Incentives & Benefits for EV Buyers
The Benefits of Driving an EV Just Keep Getting Better
Are you ready to make the switch to an EV? Take advantage of the 2024 Virginia tax incentives and benefits for EV buyers and maximize your savings. Find out more at Pohanka Acura.
That New EV Comes With a Big Federal Credit
New EVs get the largest tax credits. If you live in Virginia and purchase a new electric vehicle, such as the upcoming Acura ZDX, you may be eligible for a $7,500 credit. And what’s even better than $7,500 in your pocket? How about getting it when you purchase the car instead of when you file your taxes?
The IRS has a plan to not only expand access to the tax credit, making more buyers eligible, but to offer the option to transfer the credit to the dealership so they can lower the initial price of the car. If you choose to claim the credit late, as long as you're eligible, you can still do that, too.
Used EVs Can Get Tax Credit Too
For a long time, the Federal government only offered tax breaks on new EVs, but this recently changed. Now, if you buy an eligible used EV in Virginia, you can get up to a $4,000 tax credit. The used car credit is limited to 30% of the sale price, and there are a few other requirements.
One of these requirements is you can’t pay more than $25,000 for the used EV, and in order to qualify, your adjusted gross income has to be under $150,000 if you file jointly and under $112,500 if you file as head of household.
Special Savings for Virginia Drivers
Virginia offers some extra incentives and benefits for EV buyers and for those who drive an EV. The 2024 Virginia tax incentives & benefits include a $2,500 credit that can be used toward the purchase of an EV from participating dealers, and if you meet certain income qualifications, there may be an extra $2,000 available, too.
These rebates apply to both new and used EVs, but of course, there are some conditions. Eligible used EVs must be $25,000 or less, just like with the federal tax credit.
Turn to Pohanka Acura for Your Electric Vehicle and Find Your EV Benefits
The 2024 Virginia tax incentives & benefits go far beyond just the tax credits. EV drivers can find benefits in other places, too. Have you been stuck in traffic on a busy highway on your way to work and watched the cars zip by in the carpool lane? In Virginia, EVs can use the carpool lane on certain highways no matter how many people are in the vehicle. In addition to this, depending on your electric company, you may be eligible for a rebate when you buy a new Level 2 EV charging station.
Ready to find out more about how you can maximize your savings when you buy an EV in Virginia? Stop by Pohanka Acura today and speak with one of the members of our sales team.
