Does Lexus Qualify for the EV Tax Credit?

Lexus offers a wide selection of fuel-efficient vehicles, from hybrids to plug-in hybrids to all-electric models. But does Lexus qualify for the EV tax credit? If so, what Lexus models qualify for the EV tax credit? To help you find the ideal electric vehicle for your Modesto and El Dorado Hills drives, as well as your budget, Lexus of Roseville answers these questions and more in the following overview of Lexus EV tax credits.

Do Any Vehicles Qualify for a Lexus EV Tax Credit?

There are federal tax incentives available for both new and used EVs. However, not all EVs will qualify, as certain conditions must be met. For new models, you can claim up to $7,500 if your vehicle:

• Has been made by a qualified manufacturer
• Has a price of no more than $80,000 for vans, SUVs, and pickups and no more than $55,000 for all other vehicles
• Has a battery capacity of at least seven kilowatt hours
• Has a gross vehicle weight rating of less than 14,000 pounds
• Has successfully met critical mineral and battery component requirements
• Has undergone final assembly in North America

You also need to fall within specific income guidelines to qualify, earning no more than:

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

For used models, you might earn as much as $4,000 in tax credits, but you need to satisfy these conditions:

• You must buy your EV from a dealer
• Your EV must not cost over $25,000
• Your EV must be within two model years of the current year

Qualifying income thresholds are lower for used EV buyers:

• $150,000 for married filing jointly or a surviving spouse
• $112,500 for heads of households
• $75,000 for all other filers

So, does Lexus qualify for the EV tax credit? Yes, at least one used vehicle in the automaker’s lineup is eligible as long as the above criteria are met.

What Lexus Models Qualify for the EV Tax Credit?

And what Lexus model qualifies for the EV tax credit? In our used inventory, it’s the 2022 Lexus NX Plug-In Hybrid. You can claim the credit on your tax return for the year, or you can transfer the credit to the dealer. In the case of the latter, the dealer will apply the credit to your final purchase cost for instant point-of-sale savings. 

If you bought the Lexus NX Plug-In Hybrid new for 2022, you may be able to claim the new EV tax credit if you have not yet done so. You’ll need to file an amended return for the tax year when you took possession of the vehicle.

Discover Your Next Luxury EV Near Sacramento

We’ve answered some important questions here: Does Lexus qualify for the EV tax credit? If so, what Lexus models qualify for the EV tax credit? If you have any questions about the Lexus EV tax credits, don’t hesitate to contact us in Roseville. And be sure to explore our current new vehicle specials for more ways to save on your next Lexus. Start reaping the rewards of a more efficient driving experience today!