I don't know to which standard LC America is being held by EPA, but here are two documents that show (1) the Toyota 1VD-FTV emissions and (2) the EPA Light-Duty Vehicle and Light-Duty Truck Emission Standards, from 2016:
(1)
http://media.toyota.co.uk/wp-content/files_mf/1319285828tech_spec.pdf
(2)
https://nepis.epa.gov/Exe/ZyPDF.cgi?Dockey=P100O9ZJ.pdf
From what I can see, of the emissions values that Toyota provides, the IVD-FTV is, on paper, compliant with EPA's Emissions Standards. The IVD-FTV is the engine in LC America's truck, and is Euro 5 compliant.
A comparison of EU/EPA emissions standards can be found here:
http://www.theicct.org/sites/default/files/ICCT_comparison Euro v US.pdf
A more detailed study from the European Parliament can be found here:
http://www.europarl.europa.eu/RegData/etudes/STUD/2016/587331/IPOL_STU(2016)587331_EN.pdf
Maybe someone can have a look and double check my math that the IVD-FTV has a shot at conforming to EPA emissions standards. A few observations from these reports that would make conforming to EPA Standards as simple as re-running the tests:
1. US and EU emissions standards are not equivalent in
how they are tested, no less in what the targets are.
2. NOx emissions have been found to be higher than EU emissions limit values. This means that what a manufacturer is able to achieve in its initial emissions testing phase is often higher outside of those optimal testing conditions. For this reason...
3. ...It is unclear whether LC America is capable of replicating the level of sophistication in road and lab settings that would be required to maintain the values that Toyota reports. Again, the IVD-FTV engine conforms with EURO 5, which is more stringent that EPA standards, but the values Toyota publishes were recorded within an optimal road and lab testing environment.
4. It goes without saying that one can assume that optimizing vehicles for lab and road testing to conform to emission standards is really a science and not something that can be achieved without some level of expertise on the matter. It's unclear whether LC America has the resources to create optimal lab and road testing environments with a vehicle that can therefore emit pollutants
below the EPA emissions standard. Let's hope so.
5. For reasons 2-4, it is unclear whether the margin of error between manufacturer recorded emissions results (which is what Toyota achieved when its vehicles were tested before manufacturing began) and real-world emissions results (which is what LC America would be having to create) is still less than the disparities between EPA and Euro 5 standards. For example, perhaps the LC America IVD-FTV produces slightly higher emissions levels than Euro 5, but they are still below the maximum amounts permitted by the EPA standard. From what I understand, this would be the ideal scenario for LC America and those interested in seeing this vehicle available legally in the USA.
The long of the short of it is that it appears that there is a shot for the IVD-FTV, but it is unclear how likely it would be for LC America to achieve EPA emissions standards without resources and know-how for optimizing the test vehicle, what the NMOG, Formaldehyde, and PM emissions are for the IDV-FTV engine.
It then begs the question that perhaps Toyota's emissions testing suffice and LC America does not have to undergo independent testing. Can someone who knows chime in?