The Japanese company faced criticism over the contributions after the 6 January attack on the US Capitol.
The company had previously defended the payments.
The statement went on to say: “We are actively listening to our stakeholders and, at this time, we have decided to stop contributing to those Members of Congress who contested the certification of certain states in the 2020 election.”
The firm did not say how long the halt to its contributions will last.
The decision came after Citizens for Responsibility and Ethics in Washington (CREW) in June reported that Toyota directly contributed a total of $56,000 to 38 of the 147 Republican lawmakers who voted against President Biden’s electoral certification.
CREW also said it was the most money any one company contributed to lawmakers who opposed certification.
Japan’s biggest car manufacturer faced criticism in the wake of the disclosure and subsequent coverage in the media.
A CREW spokesperson welcomed Toyota’s decision but said, “it shouldn’t take a public pressure campaign to get them to do the right thing, but we’re glad it worked.”
Since the attack on the Capitol, dozens of companies have changed their policies on contributions to politicians.
In February, Microsoft said its political action committee would suspend all donations until the end of 2022 to the 147 lawmakers who voted against President Biden’s certification.
For the same period it also halted contributions to state officials and organisations who called for the election result to be overturned.
Google and General Electric’s political action committees also suspended donations until the end of 2022.
More than 535 people have been arrested and charged for joining the 6 January attack on the US Capitol in an unsuccessful attempt to stop Congress from certifying President Biden’s election victory over President Trump.