Are There New York State EV Tax Incentives?

Rising gas prices in Wappingers Falls and everywhere else have made plug-in electric hybrid cars like the Toyota RAV4 Prime and Prius Prime more appealing, while bolstering anticipation for the all-electric Toyota bZ4X. The federal electric car tax credit sweetens the deal even more. But what about New York State EV tax incentives? Is there a New York electric vehicle tax credit or maybe a New York plug-in hybrid tax incentive? Keep reading to find out as we discuss whether there are NYS PHEV tax credits or an NYS EV tax credit.

There are No New York State EV Tax Incentives

That’s right, there is no New York electric vehicle tax credit or even a New York plug-in hybrid tax incentive. That’s because the State of New York rewards its residents in different ways for buying electric vehicles. In fact, some Wappinger drivers may think these incentives are even better than a NYS EV tax credit or NYS PHEV tax credits.

What You Get Instead of a New York Electric Vehicle Tax Credit

So, what if you are a New York resident and you want to get an EV for a more affordable Poughkeepsie commute? The state government grants a much more immediate reward than an NYS EV tax credit. In lieu of New York State EV tax incentives, drivers who buy an electric vehicle will get an instant rebate at time of sale of up to $2,000 via the Drive Clean Rebate program. That means you won’t have to wait until tax time to reap the rewards of buying an electric vehicle. Here’s how it works:

The Drive Clean Rebate Amount by Electric Range

• Greater than 200 miles – $2,000 off
• 40 to 199 miles – $1,000 off
• Less than 40 miles – $500 off
• Electric cars with MSRP higher than $42,000 – $500 off

What About the Federal Tax Credit?

There may not be a New York plug-in hybrid tax incentive, but the federal government offers a tax credit ranging from $2,500 to $7,500, depending on the car’s battery capacity and GVWR. Once you find out how much your car is eligible for, fill out the appropriate tax form and deduct that amount from the taxes you owe. 

How to Claim Your Electric Car Tax Credit

• Calculate how much you owe in taxes.
• Check how much in tax credits your vehicle is eligible for.
• Deduct that amount from the taxes you owe (tax form 8936).

Check Out the Electrified Vehicles at DCH Wappingers Falls Toyota

Are you ready to enjoy the government incentives available to drivers of electric vehicles? Why not check out our wide selection of electric and hybrid vehicles? We’d love to put you behind the wheel of one. We’re just down the road from Fishkill. So, drop by or contact us today.