pluggedin
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Joined: Sat Feb 15, 2014 8:14 am
Delivery Date: 15 Feb 2014

Re: Good News for EV purchasers in Colorado

Sat Feb 15, 2014 8:23 am

+1 on getting some actual hard experience/evidence of how the Colorado 0-$6000 credit applies to leases. I visted a dealer yesterday who swore up and down that leasing and SV or SL gets roughly $5200 from the state. That is quite the contrast to the people who are theorizing that it will be closer to $1k.

Can anyone give a recent account of how it worked for them? Thx!

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dgpcolorado
Posts: 3147
Joined: Sat Aug 20, 2011 1:56 pm
Delivery Date: 15 Dec 2011
Location: The Western Slope, Colorado

Re: Good News for EV purchasers in Colorado

Sat Feb 15, 2014 1:33 pm

pluggedin wrote:+1 on getting some actual hard experience/evidence of how the Colorado 0-$6000 credit applies to leases. I visted a dealer yesterday who swore up and down that leasing and SV or SL gets roughly $5200 from the state. That is quite the contrast to the people who are theorizing that it will be closer to $1k.

Can anyone give a recent account of how it worked for them? Thx!
The dealer is either lying or misinformed; take your pick. Try asking him how he got those numbers, after reading the details of lease calculations here:
Income 67
Innovative Motor Vehicle and Alternative Fuel Vehicle Credits

Note the leased "vehicle factor calculation" in worksheet 1.3. This plugs into line 6 of worksheet 1.1

You can parse the document yourself to see what you think. An unknown is what the "incremental price difference" will be for the 2013 models, since it isn't listed in the document and the price dropped substantially for 2013 models. But, then, the price increased for 2012 models versus 2011 and the DOR used the same number for both years. Go figure.

It may be some time before those filing tax returns for 2013 get actual feedback from the DOR on how the credit is supposed to work. On my 2011 return I supplied substantial documentation on why my calculations were correct and it was all rejected out-of-hand and the — incorrect, in my view — DOR standard numbers substituted. Had I lived nearer Denver I would have appealed.

Good luck.
Blue 2012 SV Dec 2011 to Feb 2016
CPO 2014 Tesla S60 Mar 2016
One car, no ICE, at last!
Tesla Referral Code

pluggedin
Posts: 5
Joined: Sat Feb 15, 2014 8:14 am
Delivery Date: 15 Feb 2014

Re: Good News for EV purchasers in Colorado

Mon Feb 17, 2014 2:09 pm

Thanks for the response. I've tried to plug in numbers into the tables in the Income 67 document and find that there are too many variables to which I don't know the answer. Seems crazy I can't get a straight answer. Guess I'll keep trying and if anyone has experience in Colorado with this, I'd very much appreciate your feedback.

cgaydos
Posts: 650
Joined: Thu Mar 07, 2013 6:36 pm
Delivery Date: 21 Nov 2012
Leaf Number: 009493025635
Location: Monument, Colorado

Re: Good News for EV purchasers in Colorado

Mon Feb 17, 2014 2:30 pm

pluggedin wrote:+1 on getting some actual hard experience/evidence of how the Colorado 0-$6000 credit applies to leases. I visted a dealer yesterday who swore up and down that leasing and SV or SL gets roughly $5200 from the state. That is quite the contrast to the people who are theorizing that it will be closer to $1k.

Can anyone give a recent account of how it worked for them? Thx!
That dealer needs to be reported to management quick - usually dealers won't say anything about the credit, which is smart. The credit for *purchase* of a 2013 was a bit above $5100 based on the MSRP of the S model - and it should be closer to $5200 for 2014 since the MSRP of the S model is higher with the addition of the rear camera in the base package. So the $5200 figure isn't completely made up. But a lease will be a LOT less - and will vary with each lease.
Red Leaf: 2012 SL, lease, acquired 21 November 2012
Blue Leaf: 2011 SL, purchase (new, was dealer demo), acquired 4 March 2013

cgaydos
Posts: 650
Joined: Thu Mar 07, 2013 6:36 pm
Delivery Date: 21 Nov 2012
Leaf Number: 009493025635
Location: Monument, Colorado

Re: Good News for EV purchasers in Colorado

Mon Feb 17, 2014 2:32 pm

dgpcolorado wrote:
pluggedin wrote:+1 on getting some actual hard experience/evidence of how the Colorado 0-$6000 credit applies to leases. I visted a dealer yesterday who swore up and down that leasing and SV or SL gets roughly $5200 from the state. That is quite the contrast to the people who are theorizing that it will be closer to $1k.

Can anyone give a recent account of how it worked for them? Thx!
The dealer is either lying or misinformed; take your pick. Try asking him how he got those numbers, after reading the details of lease calculations here:
Income 67
Innovative Motor Vehicle and Alternative Fuel Vehicle Credits

Note the leased "vehicle factor calculation" in worksheet 1.3. This plugs into line 6 of worksheet 1.1

You can parse the document yourself to see what you think. An unknown is what the "incremental price difference" will be for the 2013 models, since it isn't listed in the document and the price dropped substantially for 2013 models. But, then, the price increased for 2012 models versus 2011 and the DOR used the same number for both years. Go figure.

It may be some time before those filing tax returns for 2013 get actual feedback from the DOR on how the credit is supposed to work. On my 2011 return I supplied substantial documentation on why my calculations were correct and it was all rejected out-of-hand and the — incorrect, in my view — DOR standard numbers substituted. Had I lived nearer Denver I would have appealed.

Good luck.
It's actually worksheet 1.7 on page 7. Worksheet 1.3 applied only through tax year 2013. Even if the car is model year 2013 if you lease now the tax year is 2014, so you use the latter worksheet.

One advantage of the new method is that the incremental price difference is no longer a factor.
Last edited by cgaydos on Mon Feb 17, 2014 2:38 pm, edited 1 time in total.
Red Leaf: 2012 SL, lease, acquired 21 November 2012
Blue Leaf: 2011 SL, purchase (new, was dealer demo), acquired 4 March 2013

cgaydos
Posts: 650
Joined: Thu Mar 07, 2013 6:36 pm
Delivery Date: 21 Nov 2012
Leaf Number: 009493025635
Location: Monument, Colorado

Re: Good News for EV purchasers in Colorado

Mon Feb 17, 2014 2:36 pm

pluggedin wrote:Thanks for the response. I've tried to plug in numbers into the tables in the Income 67 document and find that there are too many variables to which I don't know the answer. Seems crazy I can't get a straight answer. Guess I'll keep trying and if anyone has experience in Colorado with this, I'd very much appreciate your feedback.
Ok, as I noted above you need to use worksheet 1.7, not 1.3. But in both cases all of the values you need can be determined from your lease contract. Unfortunately, unlike with a purchase you can't know how much credit you'll receive before you start negotiations.

What I suggest is you ask for a copy of a lease contract for an SV with the price they are offering then plug it into worksheet 1.7 to see what the credit is. Or, use figures from someone else's lease contract if you can get the full details from their post on the leasing thread.

When I ran the calculation with my 2012 lease my tax credit was about $1k - but the leases then had very high residuals ($21k). The residuals now are much lower so your credit might be significantly higher.
Red Leaf: 2012 SL, lease, acquired 21 November 2012
Blue Leaf: 2011 SL, purchase (new, was dealer demo), acquired 4 March 2013

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dgpcolorado
Posts: 3147
Joined: Sat Aug 20, 2011 1:56 pm
Delivery Date: 15 Dec 2011
Location: The Western Slope, Colorado

Re: Good News for EV purchasers in Colorado

Thu Feb 20, 2014 11:37 am

Renewed my license plate and paid my $50 EV fee:

Image

The sticker goes on the upper right corner of the windshield. I still don't get the point of the sticker, although I suppose I can point to it if anyone gives me grief about not paying gas taxes for roads.

I suppose that PHEVs don't need pay this fee since they can use gas.
Blue 2012 SV Dec 2011 to Feb 2016
CPO 2014 Tesla S60 Mar 2016
One car, no ICE, at last!
Tesla Referral Code

cgaydos
Posts: 650
Joined: Thu Mar 07, 2013 6:36 pm
Delivery Date: 21 Nov 2012
Leaf Number: 009493025635
Location: Monument, Colorado

Re: Good News for EV purchasers in Colorado

Sun Feb 23, 2014 6:00 pm

Did my TurboTax for 2013 this weekend and the Colorado tax credit was easy. But an important note for anyone reading this who bought in Colorado in 2013: As was noted earlier in this thread, for TY 2013 (tax year 2013) you can either choose the old method or the new method for calculating the credit. Starting with cars bought on January 1, 2014, you must choose the new method.

The method chosen can make a big difference in the tax credit depending on your situation. I found that TurboTax defaulted to the old method for my MY 2011 (Model year 2011) LEAF, giving me a $4815 credit although the new method would result in a $6k credit. I was able to fix this by manually entering the info directly into the form in TurboTax for the new method. It wouldn't let me delete the data for the old method, but the form took the larger of the two credits once I made the changes.

For anyone doing this I strongly suggest including with your return copies of purchase/lease documentation and a written explanation of how you calculated the credit. I did this for the lease of my MY2012 LEAF during TY 2012 and had no problems getting a quick refund. I have heard from others who did not and had the claim for the tax credit challenged.

Regarding TurboTax, it could have been a little easier - I had to type all the info including the VIN twice, once for the Feds and once for the state. Not a major issue. The other little nit is that TurboTax warned me that I might have an underpayment penalty. I'm getting a refund of over $4k so this makes no sense, but I'm guessing TurboTax calculates the warning before applying the special credits.
Red Leaf: 2012 SL, lease, acquired 21 November 2012
Blue Leaf: 2011 SL, purchase (new, was dealer demo), acquired 4 March 2013

cgaydos
Posts: 650
Joined: Thu Mar 07, 2013 6:36 pm
Delivery Date: 21 Nov 2012
Leaf Number: 009493025635
Location: Monument, Colorado

Re: Good News for EV purchasers in Colorado

Sun Feb 23, 2014 6:33 pm

dgpcolorado wrote:I suppose that PHEVs don't need pay this fee since they can use gas.
It applies to anything that plugs in. I've heard from Volt owners who now have the sticker.
Red Leaf: 2012 SL, lease, acquired 21 November 2012
Blue Leaf: 2011 SL, purchase (new, was dealer demo), acquired 4 March 2013

User avatar
dgpcolorado
Posts: 3147
Joined: Sat Aug 20, 2011 1:56 pm
Delivery Date: 15 Dec 2011
Location: The Western Slope, Colorado

Re: Good News for EV purchasers in Colorado

Mon Feb 24, 2014 12:10 pm

cgaydos wrote:It applies to anything that plugs in. I've heard from Volt owners who now have the sticker.
That's interesting. Thanks for the info.
Blue 2012 SV Dec 2011 to Feb 2016
CPO 2014 Tesla S60 Mar 2016
One car, no ICE, at last!
Tesla Referral Code

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