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Is There a Texas Hybrid Tax Credit?

Signing Finance Documents for Car
 

Most Humble drivers know about the environmental benefits of driving an electric or hybrid car. They’re also aware that they’ll save a significant amount on fuel costs. But are there other financial benefits, such as a Texas hybrid car tax incentive for buying or leasing an electric car, like the Sonata Hybrid? For example, does Texas give a tax credit for hybrid cars? Well, instead of a Texas hybrid tax credit, there is a Texas electric car tax rebate that is available for a limited time. Let’s take a closer look at the details.

 

Does Texas Give a Tax Credit for Hybrid Cars?

You may have heard about how other states may offer a hybrid tax credit or electric car tax rebate, but what about the Lone Star State? Does Texas give a tax credit for hybrid cars or electric vehicles that are driven on our Houston roads? While there is no Texas hybrid tax “credit”, the state is offering a Texas electric car tax rebate for hybrid and electric cars. Here are the details:

  • The Texas Emissions Reduction Program (TERP) offers a $2500 Rebate for the purchase or lease of an electric or plug-in hybrid vehicle.
  • The vehicle must have been bought or leased on or after September 1, 2021.
  • The rebate applies retroactively.
  • The program lasts until January 7, 2023.
  • The rebates are offered on a first-come, first-serve basis and will be given out until all 2,000 available rebates have been distributed.

How to Apply for the Texas Electric Car Tax Rebate

The Woodlands drivers who want to take advantage of this program should do the following:

  • Check here to see if your car is eligible.
  • Follow the instructions and download the forms here. Make sure Form 2 is signed by the dealer at the time of purchase.
  • Provide the vehicle title or the Application for Texas Title and Registration.
  • Provide all other documentation in the checklist on the form.

Let the Finance Department at Humble Hyundai Help

Our finance managers are experts at the paperwork that is required when you buy or lease a car and can walk you through the available government incentives for electric vehicles. So, come down and test drive one of our many new EVs or hybrids, like the IONIQ 5. We’re just down the road from Conroe. So, drop by or contact us today.

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