colorado electric vehicle tax credit form

For more information about Charge Ahead Colorado contact Matt Mines Colorado Energy Office at mattminesstatecous or 3038662128. This includes all Tesla models and Bolts that do not receive the Federal tax incentive.

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We last updated the Innovative Motor Vehicle Credit in January 2022 so.

. The motor vehicle or truck must be propelled to a significant extent by an electric motor. Use Form 8936 to figure your credit for qualified plug-in electric drive motor vehicles you placed in service during your tax year. Use Form 8834 to claim any qualified electric vehicle passive activity credit allowed for the current tax year.

DR 0347 - Child Care Expenses Tax Credit. You can claim the Colorado Electric Vehicle Tax Credit for yourself on your tax return or use it at the dealership to lower the sticker price of the vehicle you want to purchase. If you claim the Colorado Electric Vehicle Tax Credit for yourself you need to file a Colorado income tax return Form DR 0617 and a copy of the lease or purchase agreement.

Use this form to calculate the innovative motor vehicle and innovative truck credit available for the purchase lease or conversion of a qualifying motor vehicle including an electric vehicle like a Tesla. This tax credit goes down to 2500 on January 1 2021 so buy your car now to take advantage of the 4000 credit. Please visit ColoradogovTax prior to completing this form to review our publications about these credits.

The motor vehicle or truck must have a maximum speed of at least 55 miles per hour. The Colorado General Assemblys 2019 and 2021 legislative sessions were. If you claim the Colorado Electric Vehicle Tax Credit for yourself you need to file a Colorado income tax return Form DR 0617 and a copy of the lease or purchase agreement.

As a plug-in electric vehicle PEV purchaser you are eligible for up to 7500 in Federal and 6000 in Colorado tax credits. You may use the Departments free e-file service Revenue Online to file your state income tax. Qualifying vehicle types include electric vehicles plugin hybrid electric vehicles liquefied petroleum gas LPG vehicles and compressed natural gas CNG vehicles.

After you file you have the option of setting up a Login ID and Password to view your income tax account in Revenue Online. The tax credit for most innovative fuel. The credit is worth up to 5000 for passenger vehicles and more for trucks.

Colorado allows an income tax credit to taxpayers who have purchased an alternative fuel vehicle converted a motor vehicle to use an alternative fuel or have replaced a. Category Type of Vehicle Fuel Gross Vehicle Weight Rating GVWR Vehicle Purchase Vehicle Lease Vehicle Conversion 1 and 1A Electric Vehicle or Plug-in Hybrid Electric Vehicle Light Duty Passenger Vehicle 4000 2000 4000 7 and 7A Electric Truck or. November 17 2020 by electricridecolorado.

CEO and Atlas Public Policy will continue to refine this dashboard over time. DR 0346 - Hunger Relief Food Contribution Credit. If a single person purchases two eligible plug-in electric vehicles with tax credits up to 7500 for each vehicle they should be able to claim 15000 in.

The motor vehicle or trucks battery must have a capacity of at least 4 kWh. November 17 2020 by electricridecolorado. Tax credits are available in Colorado for the purchase lease and conversion of light medium and heavy duty alternative fueled vehicles electricEV plug-in hybrid or PHEV compressed natural or CNG liquefied natural gas or LNG liquefied petroleum gas or LPG and.

Use Form 8936 to figure your credit for qualified plug-in electric drive motor vehicles you placed in service during your tax year. Colorado Tax Credits. DR 1316 - Colorado Source Capital Gain.

Used electric vehicles do not qualify for the Colorado Electric Vehicle Tax Credit but there are many used electric vehicles on the market that may be cheaper than new electric vehicles. Some dealers offer this at point of sale. The credits decrease every few years from 2500 during January 2021 2023 to 2000.

Hybrid electric vehicles and trucks Manufactured and converted electric and plug-in hybrid electric motor vehicles and trucks that are propelled to a significant extent by an electric motor that has a battery capacity of at least 4 kWh and is capable of being recharged from an external power source CNG LNG LPG or hydrogen vehicles. The motor vehicle or truck must be titled and registered in Colorado. DR 0350 - First-Time Home Buyer Savings Account Interest Deduction.

Electric bicycles received their first-ever nod from the. Right now you can get a 4000 tax credit in Colorado for the purchase or lease of ANY new all-electric vehicle and qualifying plug-in hybrid electric vehicles. To accelerate the electrification of cars buses trucks and other vehicles in Colorado the state set a goal of 940000 electric vehicles on the road by 2030Governor Jared Polis issued an Executive Order Supporting a Transition to Zero Emission Vehicles in January 2019.

The dashboard allows people to view information on EV deployment current statewide EV infrastructure and details on charging use for a selected number of stations. To find a list of charging stations near you visit the Alternative Fuels Data Center or PlugShare. Information on tax credits for all alternative fuel types.

Select and enter the correct amount from this table on line 9 of the form. Beginning on January 1 2021. You do not need to login to Revenue Online to File a Return.

Colorado residents are able to claim an additional state tax credit of 2500 when they buy an electric vehicle. About Form 8936 Qualified Plug-In Electric Drive Motor Vehicle Credit. Does the credit apply to used electric vehicles.

Save time and file online. Also use Form 8936 to figure your credit for certain qualified two- or three-wheeled plug-in electric vehicles. DR 0375 - Credit for Employer Paid Leave of Absence for Live Organ Donation Affidavit.

DR 0366 - Rural Frontier Health Care Preceptor Credit. It is a great resource for anyone seeking information on vehicle electrification in Colorado. If you claim the Colorado Electric Vehicle Tax Credit for yourself you need to file a Colorado income tax return Form DR 0617 and a copy of the lease or purchase agreement.

For additional information consult a dealership or this Legislative Council Staff Issue Brief.

A Complete Guide To The Electric Vehicle Tax Credit