loki
Posts: 6
Joined: Fri Jul 20, 2012 1:23 pm
Delivery Date: 08 Dec 2012
Leaf Number: 026477
Location: Fort Collins, CO

Re: Colorado

Sat Dec 08, 2012 2:19 pm

Woo hoo! I just got a red SL from Larry Miller Nissan in Englewood for 0 down, $199/month for a 2 yr lease! Total after taxes and fees was $700 up front taxes and $215/month. :mrgreen:

Viktor
Posts: 112
Joined: Sun Dec 02, 2012 2:56 pm
Delivery Date: 10 Dec 2012
Location: Centennial, CO

Re: Colorado

Wed Dec 12, 2012 10:00 am

Another 1 week old Colorado Leaf owner here )) what are U guys getting back from the state on your leases. I had spoken to 2 guys here and for 2 years lease we should get only part of the rebate. So far got 2 numbers - 1999$ and 700$. Anyone with accounting degree aroun here? What to expect in tax rebate?
Another issue - have you switched to "time of use metering"? I had spoken to IREA rep today and they definitely think that it's a cheaper way to go for the customer, given that U have Level 2 charger. Their rate will go up in Feb so. So it is now 10.9c and 7.5c and it will go up to 27c and 7.3 c beginning February. :(
And the sat one - level 2 charger and local installers - whom have U used and what chargers did you get? Looking at 2nd Gen Shchneider at Home Depot vs EasyUpgrade option.

Viktor
Posts: 112
Joined: Sun Dec 02, 2012 2:56 pm
Delivery Date: 10 Dec 2012
Location: Centennial, CO

Re: Colorado

Wed Dec 12, 2012 10:59 am

For those of us who unfortunately have IREA as an electricity provider the contact number to request "time of use electric meter" is (303)688-3100, ext. 358 - Michelle

User avatar
dgpcolorado
Posts: 3068
Joined: Sat Aug 20, 2011 1:56 pm
Delivery Date: 15 Dec 2011
Location: The Western Slope, Colorado

Re: Colorado

Wed Dec 12, 2012 12:33 pm

Viktor wrote:Another 1 week old Colorado Leaf owner here )) what are U guys getting back from the state on your leases. I had spoken to 2 guys here and for 2 years lease we should get only part of the rebate. So far got 2 numbers - 1999$ and 700$. Anyone with accounting degree aroun here? What to expect in tax rebate?...
The Department of Revenue document on the tax credit, "FYI Income 67: Innovative Motor Vehicle Credit", is currently being revised. You can take a look at the older document "FYI Income 9: Alternative Fuel Income Tax Credits" to get an idea of how the credit works for leasing. [Be aware that this older FYI also includes information on the previous tax credit, now expired. FYI Income 67 will be specific to the current credit.]

The general idea is that the credit is first calculated then adjusted for the capitalized cost of the leased vehicle. They give this example:
Can a leased vehicle qualify for this credit?
Yes, lessees of qualifying vehicles are eligible for the alternative fuel vehicle credit. The available credit is calculated by subtracting the value of the vehicle when the lease expires from the cost of the vehicle to the lessor at the time of
the lease transaction (capitalized cost), and dividing that amount by the cost of the vehicle to the lessor at the time of the lease transaction. This percentage is then multiplied by the qualifying expenses to determine the amount of the
expenditure that can be used in computing the amount of the credit. Only the lessor or lessee of the vehicle may claim the credit. If the vehicle is converted at the factory, the lessor has the option of claiming the credit or passing the right to claim the credit to the lessee. If the lessee converts the vehicle, then only the lessee may claim the credit.

Example:
John leases a 2010 Toyota Prius valued at $23,550. The vehicle will have a value of $16,750 when the lease expires. The credit is computed as follows:
a. Value at time of lease $23,550
b. Value at end of lease $16,750
c. Line a minus Line b $6,800
d. Line c divided by Line a 28.9%
e. Full credit for vehicle $2,448
f. Credit available on lease line d times line e $707.00
Interpret this as you will. I believe the current tax credit for a purchased LEAF is $4815, so that would be your baseline (unless the calculation changes with the "FYI Income 67" revision). It should be the maximum $6000 but the DoR uses calculations of a comparable vehicle that are flat wrong and my attempts to get them to correct it were futile. If you live in the Denver metro area perhaps you can give it a try; it was too far away for me to pursue.

If you'd like to look at the actual law concerning the tax credits it is CRS 39-22-516.5. Tax credit for innovative motor vehicles
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Viktor
Posts: 112
Joined: Sun Dec 02, 2012 2:56 pm
Delivery Date: 10 Dec 2012
Location: Centennial, CO

Re: Colorado

Wed Dec 12, 2012 8:46 pm

Need to look at my papers then. Anyone else here was able to fight DoR? It's should be obvious for anybody - 6000$ for an EV like Leaf.
Also, for CO - do we have any additional advantages while driving Leaf - like using those HOV lines for cars with 2 or more passengers? Anything else? No rebates for chargers or something else?

AndyLL
Posts: 27
Joined: Wed Nov 14, 2012 7:24 pm
Delivery Date: 26 Nov 2012
Leaf Number: 027090
Location: Castle Rock, CO
Contact: Website

Re: Colorado

Wed Dec 12, 2012 10:36 pm

The Department of Revenue document on the tax credit, "FYI Income 67: Innovative Motor Vehicle Credit", is currently being revised. You can take a look at the older document "FYI Income 9: Alternative Fuel Income Tax Credits" to get an idea of how the credit works for leasing. [Be aware that this older FYI also includes information on the previous tax credit, now expired. FYI Income 67 will be specific to the current credit.]


Here is a copy of Income 67 before they pulled it: (Feb 2012)

http://boulderhc.com/FYI_Income67.pdf

They are probably revising it because some places they claim the max credit is 6000 and some places they claim 7500

What is used as the price of vehicle is what makes a huge difference.

In theory it should be CapCost - Rebates. I got a 9775 rebate from Nissan. However 7500 of that was the Federal Credit.
They state the price difference for the leaf is 13,920.00 - 7500(FTC) = 4815. So using those numbers the FTC is being taken out twice.

I want to only take out the FTC once.

I'm also a little concerned that in the past some lease companies claimed the rebate for themselves.

Andy
WALL-E - 2012 Black Leaf SL
EVA - 2012 Cayenne Red SL
2010 Honda Accord EX-L
2002 Ford F150

ashp
Posts: 10
Joined: Wed Dec 05, 2012 9:31 am
Delivery Date: 31 Dec 2012

Re: Colorado

Thu Dec 13, 2012 8:29 am

To cliam the Colorado Rebate dont you have to get in writing from leasing the company ?

AndyLL
Posts: 27
Joined: Wed Nov 14, 2012 7:24 pm
Delivery Date: 26 Nov 2012
Leaf Number: 027090
Location: Castle Rock, CO
Contact: Website

Re: Colorado

Thu Dec 13, 2012 9:19 am

dyll
ashp wrote:To cliam the Colorado Rebate dont you have to get in writing from leasing the company ?


In theory yes. In reality as long as both don't try to claim a tax refund with the same VIN its probably ok. I think it was more of an issue when it was an actual rebate.

I'm talking to the lease company today and I'll ask them.
WALL-E - 2012 Black Leaf SL
EVA - 2012 Cayenne Red SL
2010 Honda Accord EX-L
2002 Ford F150

AndyLL
Posts: 27
Joined: Wed Nov 14, 2012 7:24 pm
Delivery Date: 26 Nov 2012
Leaf Number: 027090
Location: Castle Rock, CO
Contact: Website

Re: Colorado

Thu Dec 13, 2012 9:35 am

AndyLL wrote:dyll
ashp wrote:To cliam the Colorado Rebate dont you have to get in writing from leasing the company ?


In theory yes. In reality as long as both don't try to claim a tax refund with the same VIN its probably ok. I think it was more of an issue when it was an actual rebate.

I'm talking to the lease company today and I'll ask them.


I did ask nissan finance while I was on the phone with them for something else and he said they do not take the credit. I don't have it in writing unless it's buried in the contract somewhere. I personally won't worry about it unless CO audits me.

Andy
WALL-E - 2012 Black Leaf SL
EVA - 2012 Cayenne Red SL
2010 Honda Accord EX-L
2002 Ford F150

ashp
Posts: 10
Joined: Wed Dec 05, 2012 9:31 am
Delivery Date: 31 Dec 2012

Re: Colorado

Thu Dec 13, 2012 10:16 am

Thanks, I agree. I was also told that Tax is not cliamed by Nissan or dealer. Also when I signed papers the rebate only showed Federal was cliamed by the leasing company . and you are right about the value of the car for the purpose of claiming the colorado tax rebate.

another point

We are paying Sales Tax on Full MSRP of the car if SL some where around 38000.

so for the purpose the rebate shouldn’t 38000 be used, even though after all rebates the adjusted capitalized cost is less ?

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