Colorado Tax credit for Nissan leaf lease

[ashp]

Anybdy claimed colorado tax credit for Nissan Leaf lease ?
and if so what documentation you submitted ?

[mgodfre3]

I also am very curious about the tx credit, is it the full 6000 and what was it on a lease, from what I understand it is prorated for a lease.

[dgpcolorado]

No, the tax credit isn't the full $6000 thanks to some weird calculations by the Department of Revenue. Yes, with a lease the amount of the credit is further limited by the capitalized cost of the car during the lease period.

For more information about the Colorado tax credit please take a look at FYI Income 67 Innovative Motor Vehicle and Alternative Fuel Vehicle Credits. If you want to read the actual law check out my post: CRS 39-22-516.5. Tax credit for innovative motor vehicles.

There are a number of Colorado threads that discuss the tax credit subject if you would like to read the previous discussions on the subject.

[mgodfre3]

So reading the form on the 12/12 version of the Innovative Tax Credit FYI Income 67, it says:

For qualifying vehicles leased on or after January 1, 2012, the credit is only available to the lessee and is not allowed to the lessor.

but on the 2/12 form it didnt say this. Has anyone run into this issue on a 2013 lease on a leaf? This would make me not lease the car, unfortunately.

[mgodfre3]

never mind, so much legal jargon I became confused as to who was the lessee and the lessor haha.

[AndyLL]

So has anyone had their CO taxes processed that had a rebate?

Mine have been sitting there since Feb. They did need proof that I bought my leafs and I sent in my bill of sales in late Feb.

I assume the Leaf rebate triggered a manual review.

[cgaydos]

So has anyone had their CO taxes processed that had a rebate?

Mine have been sitting there since Feb. They did need proof that I bought my leafs and I sent in my bill of sales in late Feb.

I assume the Leaf rebate triggered a manual review.

I didn't get my tax return sent until April 15 so it hasn't been processed yet. However, per their requirement I included a copy of the bill of sale, with the cost and residual very clearly circled, and a copy of the Colorado registration. In retrospect I should have also included a copy of the Excel sheet I used for the calculation just to make it 100% clear.

[Viktor]

So - whats the final answer? Whats the rebate for CO on the leased Leaf?

[cgaydos]

So - whats the final answer? Whats the rebate for CO on the leased Leaf?

The tax credit was renewed and revised, with the changes discussed in this post:

viewtopic.php?f=27&t=12846&p=293036&hilit=colorado#p293036

In short, the purchase credit the LEAF is now more in most cases - now often the entire $6k. The lease credit for the LEAF is less in most cases, but still usually over $1k.

And I did receive my Colorado tax refund from 2012 ... would not have been a refund except for the LEAF lease credit.

[krdtax]

We own a 2013 Nissan Leaf and are tax professionals who know this credit well. Call Rich at 303-819-5373 to discuss any questions you might have. Our website is www.krdtax.com.