SageBrush
Posts: 163
Joined: Sun Mar 06, 2011 2:28 am

2016 Colorado Tax Credit for Used LEAF Purchase

Mon Dec 05, 2016 7:02 pm

Hi All,

I am on the cusp of buying a used, 24 kWh LEAF from California before Dec 31 (never registered in Colorado) for my personal use in Colorado, and would like clarity on the available state tax credit.

If e.g. the msrp is $30,000 but my purchase price of the used car is $10,000, what will the state tax credit amount to ?
People have written $6,000 (30000*0.24) since that is the maximum allowed, but my reading of of DR 0617 suggests that I should figure
10,000*0.24 = $2,400.

What is correct ?

Second, I presume that the state tax credit has a maximum amount that may be disbursed each year. How do I find out if money remains for 2016 ?

Thanks!

SageBrush
Posts: 163
Joined: Sun Mar 06, 2011 2:28 am

Re: 2016 Colorado Tax Credit for Used LEAF Purchase

Tue Dec 06, 2016 1:49 pm

Per my Tele call with the Colorado DOR this morning:

The credit will be 0.24 * purchase price of the used car
This credit for a used car purchase expires 12/31/16 and is only available if the car has never been registered in Colorado
There is no formal limit to the amount of tax credits available (which I find hard to believe,) but two representatives have told me the same.

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