Does the 2017 Prius qualify for the electric car credit?
I’m buying a new Prius, and want to save some money. Does the 2017 Toyota Prius still qualify for the electric car credit?
Answer provided by
The federal tax credit is a great way to save money when you buy a new electric vehicle. Thankfully, the 2017 Toyota Prius still qualifies for the electric car credit.
If you qualify, you can receive a tax credit of up to $7,500 when you buy a new electric car made after 2010. But act soon! Toyota has already reached the 200,000 unit cap on electric and plug-in hybrid vehicles that can receive a tax credit.
How to claim the federal tax credit:
- Find out if you qualify
- Fill out Form 8936
- Report the credit from Form 8936 on the correct line on Form 1040
- Submit with your income tax return
You can also pair the federal tax credit with a rebate from your state if eligible. The key is to continue research and find out what kind of savings are available to you.
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