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February 4, 2024
Question

Will a car purchased in 2022 still qualify for the innovative motor vehicle credit?

  • February 4, 2024
  • 1 reply
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The review portion states there is an issue with the year the car was purchased but it also states the credit may be available for me.

1 reply

February 5, 2024

It only qualifies if you claim the credit on your tax year 2022 return.

 

Assuming that you're referring to the Colorado credit, the credit must generally be claimed in the year the car was purchased. 

 

According to Claiming the credit in Colorado's Income Tax Topics: Innovative Motor Vehicle Credit

The credit may be claimed only on the return filed for the tax year in which the purchaser or lessee purchased or leased the qualifying motor vehicle. In general, the purchase or lease is not considered complete until the purchaser or lessee takes possession of the motor vehicle.

See the TurboTax Help article How do I amend my state tax return? for amendment information.