WMTribe90
Active member
New legislation (CO HB1247) just signed into law by Governor Hickenlooper extends the state Innovative Vehicle Tax Credit through 2012. Current credit would have expired in 2015. Separate legislation imposes a $50 annual fee on EV owners, but $20 of that will go to fund public charging infrastructure. The new legislation also simplifies how the EV credit will be calculated using a percentage of the vehicle cost minus any federal credits.
I believe this is the pertinent language for potential EV buyers.
(a) Category 1. (I) WITH RESPECT TO THE TAX YEARS COMMENCING
ON OR AFTER JANUARY 1, 2013, BUT PRIOR TO JANUARY 1, 2019, THE
ACTUAL COST INCURRED BY THE TAXPAYER DURING THE TAX YEAR FOR
PURCHASING OR LEASING A CATEGORY 1 MOTOR VEHICLE MULTIPLIED BY
THE BATTERY CAPACITY OF THE MOTOR VEHICLE AND DIVIDED BY ONE
HUNDRED;
Credit would start to phase out between 2019 and 2021.
Purchased my Leaf in April, so I'm not sure if I'm covered under the new calculation outlined above or the old legislation/calculation. This section of the bill would seem to contradict the above language with respect to 2013 EV purchasers in Colorado.
(c) Current statute sets appropriate levels of tax credits for each
vehicle type for tax year 2013, and the new methodology for calculating tax
credits is designed to simplify the administration of the tax credits and
facilitate the understanding of the tax credits by the general public, while
reproducing similar levels of credit for each vehicle type as existing statute;
Either way, generally very good news. Full bill text here;
http://legiscan.com/CO/text/HB1247/2013" onclick="window.open(this.href);return false;
I believe this is the pertinent language for potential EV buyers.
(a) Category 1. (I) WITH RESPECT TO THE TAX YEARS COMMENCING
ON OR AFTER JANUARY 1, 2013, BUT PRIOR TO JANUARY 1, 2019, THE
ACTUAL COST INCURRED BY THE TAXPAYER DURING THE TAX YEAR FOR
PURCHASING OR LEASING A CATEGORY 1 MOTOR VEHICLE MULTIPLIED BY
THE BATTERY CAPACITY OF THE MOTOR VEHICLE AND DIVIDED BY ONE
HUNDRED;
Credit would start to phase out between 2019 and 2021.
Purchased my Leaf in April, so I'm not sure if I'm covered under the new calculation outlined above or the old legislation/calculation. This section of the bill would seem to contradict the above language with respect to 2013 EV purchasers in Colorado.
(c) Current statute sets appropriate levels of tax credits for each
vehicle type for tax year 2013, and the new methodology for calculating tax
credits is designed to simplify the administration of the tax credits and
facilitate the understanding of the tax credits by the general public, while
reproducing similar levels of credit for each vehicle type as existing statute;
Either way, generally very good news. Full bill text here;
http://legiscan.com/CO/text/HB1247/2013" onclick="window.open(this.href);return false;