July 29, 2022 12:51 am

Tax Credit for Toyota Electric Powered Vehicles Curtailed

Plug-in electric powered vehicles manufactured by Toyota reached the 200,000 manufacturing cap in June of this year. As a result, the maximum $7,500 credit for the purchase of a Toyota plug-in electric powered vehicle is reduced to $3,750 from October 1, 2022, to March 31, 2023. Such Toyota vehicles purchased from April 1, 2023, through September 30, 2023, will have a maximum credit of $1,875. No credit will be available for purposes starting October 1, 2023, and beyond. Use Form 8936 to figure your credit.

Tax Glossary

Qualified dividends

Dividends received after 2002 and before January 1, 2011, that are taxed at the long-term capital gain rate.

More terms